FLORHAM PARK, NJ—Tower Management Service has refinanced $98.403 million in loans covering an 11-property, 1,300-unit multifamily portfolio located in various New Jersey and New York locations.
HFF placed 11 separate 10-year, interest only, fixed-rate loans with Freddie Mac's CME Program. The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds were used to refinance existing Freddie Mac debt.
The garden-style properties are 95 percent occupied overall. The New Jersey properties encompass five communities totaling 354 units in Bergen County, two communities totaling 231 units in Union County, one 176-unit community in Mercer County and one 317-unit community in Middlesex County. The two New York properties are located in Orange County and total 222 units.
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