MORRISTOWN, NJ—Holliday Fenoglio Fowler arranged $24.8 million in financing for the development of 30 Court, a 58-unit condominium community in downtown Morristown, NJ.
Working on behalf of DRA 30 Court, a joint venture between Diversified Realty Advisors and a private investor, the HFF debt placement team led by managing director Michael Klein and senior managing director Jon Mikula placed the 30-month construction loan with Investors Bank.
“HFF is pleased to have worked with the borrowers to secure construction financing for this exciting project, which represents one of the few condominium developments in Northern New Jersey not located along the Hudson Waterfront,” Klein says. “Investors Bank offered a great loan that provided the borrower with the proceeds, funding schedule and prepayment structure that best met the partnership's needs.”
30 Court will consist of two-bedroom, for-sale homes ranging from 1,276 to 1,939 square feet. The homes will feature best-in-class designer kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-home washers and dryers. The property will also feature a two-story, 131-space parking garage and a half-acre of private, outdoor recreational space. Due for completion in 2019, 30 Court will be situated two blocks from the Morristown Green and within walking distance to the downtown area's retail and dining amenities. The transit-oriented project is located approximately half of a mile from the Morristown train station and six miles southwest of the Interstate 287/80 interchange.
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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].
