FLORHAM PARK, NJ-The locally based office of Holliday Fenoglio Fowler, L.P. has secured a $1.7-million refinancing for Windsor Terrace Apartments, a 28-unit multi-housing community in New Windsor, NY.
HFF associate director Michael Klein and senior managing director Thomas Didio worked on behalf of Tower Management Company to arrange the five-year, fixed-rate loan with Oritani Bank. Tower Management Service, L.P. is a real estate operating company, which owns approximately 2,200 multifamily apartment units in 20 garden-style apartment communities in New Jersey and New York.
Windsor Terrace Apartments is located at 3 Provost Dr. The property has two buildings with one-, two- and three-bedroom units averaging 914 square feet each. Community amenities include common laundry and on-site parking.
“The borrower acquired Windsor Terrace Apartments in the summer of 2008 and has since repositioned the property and improved occupancy to 100 percent,” says Klein. “This property was a natural acquisition for Tower Management as they currently own and operate 351 additional units in three Orange Country communities including Forge Hill Apartments, which is adjacent to Windsor Terrace.”
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