TEANECK, NJ—Heritage Pointe of Teaneck, a 142-unit independent living facility in Teaneck, NJ, has been sold. Holliday Fenoglio Fowler brokered the sale and secured a $33.23 million floating-rate loan on behalf of the buyer.
HFF marketed the property on behalf of Lowe Enterprises Investors, which itself was acting on behalf of an investment client. The property's buyer was not named. HFF secured the financing through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Company, FSB.
Completed in 2004, Heritage Pointe of Teaneck is a four-story independent living property that is 97.2 percent occupied. The facility includes amenities such as a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon and tennis courts. Heritage Pointe of Teaneck is located at 600 Frank W. Burr Boulevard and is approximately a half of a mile from Holy Name Hospital and near Englewood Hospital and Hackensack Medical Center.
The HFF team representing the seller was led by managing directors Ryan Maconachy and Chad Lavender along with senior managing director José Cruz, managing director Kevin O'Hearn and associate director Michael Oliver. HFF's debt placement team was led by managing director Steven Klein.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
