HFF does double duty

Talk about a one-stop shop. In addition to closing the sale on behalf of an investment client for its 142-unit independent living community in Teaneck, New Jersey, HFF also secured a $33.23 million floating rate loan on behalf of the undisclosed buyer. The financing came to $234,000 per unit, so the price had to be $300,000 per unit, or higher. Built in 2004, the community, which features 45 one-, 94 two- and three three-bedroom units, was 97.2% occupied and is located just down the street from Holy Name Hospital. There are also a host of amenities, including a restaurant-style dining room, hair and nail salon, and tennis courts. For the buyer, HFF arranged the loan through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Company, FSB. Steven Klein led HFF’s debt placement team, while Ryan Maconachy and Chad Lavender, along with Jose Cruz, Kevin O’Hearn and Michael Oliver, represented the seller in the transaction.


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