HFF Arranges $45M Loan for 648-Unit Multifamily Property in Delaware

BEAR, DEL. — HFF has arranged $45 million in financing for Christiana Meadows, a multifamily property located in Bear. The 10-year loan, which features a 3.62 percent fixed rate, was secured for the borrower, a joint venture between The Commonwealth Group and The Emory Hill Companies. Proceeds of the loan will be used to refinance existing debt on the property. Located at 265 Bear Christiana Road, the 54-building property features 648 one- and two-bedroom apartment units. On-site community amenities include an Olympic-sized swimming pool, sauna, hot tub, playground, tennis court and clubhouse with fitness center and large conference room. At the time of financing, the property was 92 percent occupied. James Conley and Mike Pagniucci of HFF arranged the financing.