WASHINGTON, D.C. – September 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $12.8 million in acquisition financing for Columbus Park Apartments, a seven-story, 37-unit boutique apartment property in Hoboken, New Jersey.
The HFF team worked exclusively on behalf of the borrower, Spirit Bascom Ventures, to arrange the three-year, floating-rate loan with two one-year extension options. Details of the sale of the property, which HFF’s investment advisory team marketed to Spirit Bascom, were released in a separate announcement.
Columbus Park Apartments encompasses a mix of studio, one- and two-bedroom units, many with loft or duplex layouts. In addition, the property includes a 37-space secured parking garage and a detached three-story townhome unit with a private garage parking space and roof deck. Columbus Park Apartments is located at 1024 Clinton Street, one block from Columbus Park, which includes picnic areas, a dog park, ball fields and playgrounds. The property is also located along the bus route to Port Authority, which provides residents with direct commuter access to Manhattan.
The HFF debt placement team representing the borrower included senior director Jamie Leachman and managing director Michael Klein.
“The borrower has a strong business plan that includes renovating individual units, common areas and the exterior of the building, which will enable it to compete with a lot of newer product currently available and coming online in Hoboken at a lower price point,” Klein stated. “The already highly occupied building will be well received by existing and future tenants in an extremely tight multifamily market with just 4.6 percent vacancy.”
“This transaction was a true team effort on both the sales and debt side for HFF, and it was a privilege to assist in the capitalization of this acquisition for Spirit,” Leachman added. “The broad marketing process yielded extremely competitive debt terms offering the borrower flexibility to execute on their value-add strategy.”