PRC-Valley-Run-DE

HFF Arranges $65M in Financing for Three-Property Multifamily Portfolio

by Amy Works

NEPTUNE CITY, MATAWAN AND ABERDEEN, N.J., AND WILMINGTON, DEL. — HFF has secured $65 million in financing for a three-property, 974-unit multifamily portfolio in New Jersey and Delaware. The portfolio includes the 20-building, 428-unit Brighton Arms located on West Sylvania Ave. in Neptune City; the 24-building, 268-unit Tree Haven located at 120 and 130 Ravine Dr. in Matawan and 33 Aberdeen Road in Aberdeen; and the 28-building, 278-unit Valley Run at 2601 Carpenter Road in Wilmington. Jim Cadranell and Jon Mikula of HFF represented the borrower, PRC Group, to secure the fixed-rate financing for the portfolio in three separate transactions through Investors Bank.

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