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.
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.
“The borrower has a terrific management organization and Freddie Mac was happy to provide the financing to such a strong owner,” Didio says. “In addition, the HFF Freddie Mac underwriting team did a great job underwriting and closing these loans allowing for a smooth process overall.”
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
HFF placed 11 separate 10-year, interest only, fixed-rate loans with
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
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.
“The borrower has a terrific management organization and
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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].
