CBRE CAPITAL MARKETS ARRANGES $80 MILLION APARTMENT ACQUISITION LOAN

NEW ROCHELLE, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $80 million in mortgage financing for the acquisition of a luxury apartment tower in New Rochelle. Avalon on the Sound is a 24-story, Class A building located at 255 Huguenot St. It contains 412 apartment units as well as 5,400 square fee of ground-floor retail space leased to a dry cleaner, a spa and a coffee shop. Amenities include a gym, a basketball court, an outdoor swimming pool and an adjacent six-story parking garage. James Gunning and Donna Falzarano of CBRE Capital Markets secured the financing on behalf off the borrower, a subsidiary of Hartz Mountain Industries, through Freddie Mac. Jeffrey Dunne of CBRE's Tri-State Investment Properties Group sourced the investment opportunity on behalf of Hartz Mountain.