HFF Arranges $17.435 million MF Construction Loan in Westfield, NJ

333 Central Ave., Westfield, NJ

WESTFIELD, NJ— Holliday Fenoglio Fowler arranged $17.435 million in construction financing for 333 Central Avenue , a 70-unit, class A multi-housing development in downtown Westfield, NJ. HFF worked exclusively on behalf of The Hampshire Companies and The Claremont Companies to secure the construction loan through Capital One Bank . The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein . “Westfield’s desirability and limited multifamily supply coupled with the additional upside of the project’s proximity to a New Jersey transit stop resulted in a tremendous amount of interest from local, regional and national banks to finance the project,” says Klein . “ Capital One was able to provide a very aggressive rate and structure that best met both Hampshire and Claremont’s needs. We are very excited to have worked on their behalf as both firms continue to increase their multifamily holdings.” 333 Central Avenue is located within walking distance to downtown Westfield, which offers extensive retail and dining amenities.  In addition, the property is less than one-tenth of a mile from a New Jersey Transit train station along the Raritan Valley line, providing access into New York City’s Penn Station.  Due for completion in spring 2017, the four-story, 126,340-square-foot community will offer a variety of one- and two-bedroom unit layouts ranging from 700 to 1,550 square feet with select units featuring a den and private terrace. All units will have hardwood floors throughout, nine-foot ceilings, stainless steel appliances, granite countertops and spacious walk-in closets.  Community amenities will include secure and covered parking, a luxurious lounge with wet bar for entertaining, state-of-the art gym with yoga room, rooftop lounge and additional storage units located on each floor.