NEWARK, NJ—P.F. Holdings has acquired the 22-story rent-controlled Colonnade apartment building in Newark, NJ - designed by architect Mies van der Rohe - in a highly competitive transaction in a market rapidly gaining recognition for its upside potential.
Eastern Union Funding's David Metzger and Nate Hyman represented the buyer and brokered the acquisition financing with Greystone Funding, locking in $41.2 million in non-recourse debt for ten years, with five-years interest-only. Law firm Feinstein, Raiss, Kelin & Booker represented the client.
The 80 percent leverage achieved in the debt was complemented by $7 million of preferred equity which when combined, infused 93 percent of all-in costs into the client's capital stack.
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