HFF secures $19.4 million in debt and equity for Newark, New Jersey multi-housing complex

 FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $19.4 million in debt and equity for Aspen Riverpark Apartments (top left photo) , a 258-unit multi-housing complex in Newark, New Jersey.

Working exclusively on behalf of Treetop Development, HFF managing director Jim Cadranell (top right photo) placed the $14.48 million, five-year, fixed-rate loan with Investors Savings Bank and arranged $4.94 million in joint venture equity through Latus Partners.  The proceeds were used to acquire the property and fund future capital improvements.

Originally built in 1930, Aspen Riverpark Apartments, which is 94% occupied, has 12 six-story buildings with five ground-floor retail spaces.  Floorplans are available in studio, one-, two- and three-bedroom layouts. 

 100 of these units are reserved for senior housing (55+ years of age) and the entire complex is subject to a Section 8 Housing Assistance Program contract.  Aspen Riverpark Apartments is located at 17 Oxford Street in the Ironbound district of Newark,  close to two New Jersey Transit bus stops that provide access to employment centers in New Jersey and Manhattan.

“It was a pleasure to assist Treetop Development in providing a quality residential experience to the affordable housing market,” said Cadranell.

Treetop Development is a multi-faceted real estate company that has earned a strong reputation for redeveloping value-driven, residential buildings in key urban centers throughout the New York Metropolitan area.  Treetop and its principals have owned and self-managed more than 2,000 residential units in New York and New Jersey.

Latus Partners LLC is the sponsor of Latus Real Estate Partners I, LP.  Latus Partners is a real estate private equity fund, which seeks to selectively invest in a variety of complex, opportunistic, distressed, and/or transitional real estate transactions using equity, debt and hybrid structures. 

Contacts:   

James A. Cadranell,  HFF Managing Director,    (973) 549-2007,  jcadranell@hfflp.com    

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,  krmurphy@hfflp.com