Florham Park-based HFF announced Monday that it has secured a $37 million construction loan for the development of a 192-unit, Class A multihousing property in Lyndhurst.According to the announcement, the loan was placed with Webster Bank on behalf of Asbury-based J.G. Petrucci Co. Inc., a commercial real estate organization.
The property, located at 240 Chubb Ave. in the Meadowlands region of northern New Jersey, is expected to be completed Nov. 1.
“Given the continued demand for Class A multifamily, lenders have become very creative on structure in order to differentiate themselves while still competing on pricing. In this case Webster Bank provided an excellent execution to help our client lock in long-term debt in a low interest rate environment before a single unit was rented,” Jon Mikula, senior managing director, said in a prepared statement.
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