HFF Secures $91.6M Capitalization of Multifamily Property in Fleetwood, New York
FLEETWOOD, N.Y. — HFF has secured $91.6 million in joint venture equity and first mortgage financing for the development of 42 Broad Street West, a multifamily property located in Fleetwood. The developer is a partnership between Alexander Development Group and The Bluestone Organization. HFF arranged $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. Additionally, the HFF team, including David Giancola and Geoff Goldstein, placed a $59 million construction loan with Santander Bank and People’s United Bank. Once completed, the 16-story, 354,000-square-foot building will feature 249 apartment units, more than 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a connected four-story, 580-space parking garage. Residential units will include a variety of studio, one-, two- and three-bedroom floor plans, and amenities will include an outdoor swimming pool and patio area, a fitness center, a game room/viewing room, a library, a business center and a landscaped rooftop garden with outdoor kitchens and fireplace, as well as a concierge service. The property is slated for completion in 2019.