Holliday Fenoglio Fowler L.P. announces $9.3 million in financing for Fairway 28, a 51-unit, luxury midrise, multihousing property in Bridgewater.
The HFF team worked on behalf of the borrower, Country Classics, to secure a 10-year, fixed-rate loan with an undisclosed life insurance company.
Fairway 28 features 51 one-, two- and three-bedroom apartment units, 11 of which are affordable. The property is within close access to Interstates 78 and 287, and Routes 202, 206, 28 and 22. It also offers access to Newark and Manhattan through the NJ Transit’s Raritan Station.
The HFF debt placement team representing the borrower included senior managing director Jim Cadranell and associate Matthew Pizzolato.
“Country Classics was able to replicate the success they’ve had in the development of luxury single-family homes throughout the past 28 years with the development of one of Central New Jersey’s finest multifamily properties,” Pizzolato said. “Fairway 28 will serve as a benchmark to other multifamily developments in the area. The lender recognized this and provided excellent terms.”