FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $65 million in financing for Eleven 80, a former office building that has been converted into 317 residential units in Newark, New Jersey. Working exclusively on behalf of Cogswell Realty Group, HFF senior managing director Jon Mikula and managing director Jim Cadranell placed a long-term, fixed-rate loan with Bear Stearns Commercial Mortgage, Inc. The financing, which will be serviced by HFF, will retire existing debt used to renovate and convert the property into a luxury residential tower. Originally built in 1930, Eleven 80 recently underwent an extensive gut renovation turning the long vacant office building into a state-of-the-art luxury apartment building. Community amenities include a bowling alley, half-court indoor basketball, spa, fitness club, and valet parking and doorman service.
Both Multifamily Executive and Apartment Finance Today cover deals like this one regularly. If you are a service provider, there are some interesting opportunities that can easily be overlooked if you don't read past the headline announcing the transaction. Most interesting: this isn't the first deal of its kind for CRG.
1 comment:
That's a good point Rob. These announcements give anyone who adds value some clues about how they may be able to serve another client. It almost suggests another type of editorial feature or advertising opportunity - providing additional spec detail and timing in press releases to help suppliers find you. Lefko
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