Holliday Fenoglio Fowler L.P. has arranged a $24.8 million construction loan for the development of a Morristown condominium community, it announced recently.
HFF said in a news release that the financing will fuel the 58-unit project called 30 Court, in the town’s downtown area. The project is being built by DRA 30 Court LLC, a joint venture of Diversified Realty Advisors LLC and a private investor.
The loan, from Investors Bank, has a 30-month term. The HFF debt placement team included Michael Klein, managing director, and Jon Mikula, senior managing director.
“HFF is pleased to have worked with the borrowers to secure construction financing for this exciting project, which represents one of the few condominium developments in northern New Jersey not located along the Hudson Waterfront,” Klein said in a prepared statement. “Investors Bank offered a great loan that provided the borrower with the proceeds, funding schedule and prepayment schedule that best met the partnership’s needs.”
The project’s condos will be two-bedroom units ranging from 1,276 to 1,939 square feet. It is due to be completed in 2019.