Cushman & Wakefield on Monday said the real estate services firm served as the exclusive advisor to Colony Hills Capital and Balfour Beatty Communities in the procurement of a $29 million equity financing package for its $79 million acquisition of Mount Laurel Crossing, a 14-building, 296-unit multifamily community located in Mount Laurel.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Aaron Graves and John Spreitzer orchestrated the equity financing on behalf of Colony Hills Capital.
JLL Capital Markets Investment Sales and Advisory team that represented the seller in the transaction was led by Senior Managing Directors Fran Coyne, Carl Fiebig and Jose Cruz alongside Managing Director Mike Oliver, Senior Director Samantha Kupersmith and Director Tyler Margraf.
The financing package consisted of preferred equity from Heitman and common equity via a strategic partnership with Balfour Beatty Communities. A $55.3 million fixed rate senior loan was provided by Freddie Mac.
“This property is well positioned to benefit from new ownership’s renovation program and Mount Laurel’s continued strong submarket fundamentals,” Graves said.
Originally constructed in 1999, the Class A garden apartment complex is strategically located in the affluent community of Mount Laurel, just 15 miles east of Center City Philadelphia.
The property features a mix of spacious one-, two- and three-bedroom units boasting an average size of 944 square feet. The community has consistently maintained high occupancy levels and was 98% leased at the time of sale. The property will continue to be professionally managed by Willow Bridge Property Co.
“The strategic location, coupled with the planned property enhancements, ensures that this community will continue to attract residents seeking high-quality living spaces and a comprehensive suite of amenities. The equity financing package we orchestrated supports Colony Hills Capital and Balfour Beatty Communities in realizing their vision for Mount Laurel Crossing, making it a standout asset in the region,” Alascio said.
The partnership plans to complete an interior unit renovation program, as well as exterior property improvements, including but not limited to common area remodeling, amenity additions, landscaping, improvement of signage and an expansion of the fitness center. Residents benefit from a resort style swimming pool, outdoor lounge, dog park, clubhouse and detached garages, as well as proximity to the community association’s park, which features tennis, pickleball and basketball courts as well as a baseball field, open play field and children’s play area.
The affluent area is known for its highly-sought-after school districts and upscale single-family homes and has demonstrated consistent rental performance. Notable employers located in the region include University of Pennsylvania and Penn Medicine, Virtua Health, Campbell Soup Co., Comcast, Lockheed Martin, Cooper University Health Care, Rowan University, Subaru of America, among others.
