HFF Closes Sale of N.J. Development Site

A 25.4-acre fully approved site trades hands; Clarion Partners buys a student housing asset in Tucson; and Meridian Capital negotiates $43 million in financing for properties in New York.

Signature Place renderingNeptune, N.J.—HFF has closed the sale of Signature Place, a 25.4-acre, fully approved multi-housing development site in Neptune, N.J. The asset was marketed on behalf of a partnership between Highview Homes and Chase Partners. The asset sold to an undisclosed buyer free and clear of debt.

Located just off Exit 100 on the Garden State Parkway, the development will include 272 luxury apartment units, 8,142 square feet of retail space and parking. Current amenity plans include a 3,792-square-foot clubhouse with a fitness center, outdoor swimming pool, tot lots, picnic area and two free-standing garages.

“HFF is pleased to have played a role in this transaction,” says Kevin O’Hearn, managing director at HFF. “The buyers is getting a fully-approved, extremely well-located site that will be developed into one of the top Class A apartment communities in Monmouth County.”

Clarion Partners buys a student housing asset in Arizona

Tucson, Ariz.—Clarion Partners has acquired the Retreat at Tucson, a newly constructed, 183-unit student housing community located near the University of Arizona’s main campus. The purchase was made on behalf of one of Clarion’s separate account clients.

“Nearly 89 percent of the U of A’s students live in off-campus housing,” says Dean Tostovsky, a director at Clarion Partners. “Retreat at Tucson experienced strong demand during its initial lease-up and was fully pre-leased by January 2013, a time at which the broader market was only half leased.”

The cottage-style community has all of the amenities one would expect with a top-tier student housing asset, including a fitness center, pool, clubhouse, computer lab, golf simulator and study rooms. Retreat at Tucson is located 1.5 miles south of campus, and is served by a shuttle bus. There are also two nearby bike paths that provide direct access. The property was completed in August 2013 and is currently 99.6 percent leased.

Meridian Capital negotiates $43M in financing for properties in New York

New York—Meridian Capital Group LLC announced the following transactions:

-Meridian negotiated new mortgages totaling $11.6 million on three multifamily buildings totaling 92 units located on Amsterdam Avenue, Hudson Street and Riverside Drive in New York. The loans feature rates of 2.75 percent and 10-year terms. David Hayum and Moe Rosenblum negotiated these transactions.

-New mortgages totaling $11.1 million were placed by Meridian on eight multifamily buildings totaling 376 units. The properties are located on Montgomery Street, East 53rd Street, Clinton Avenue, Cortelyou Road and Lefferts Avenue in Brooklyn, NY, Beach 22nd Street in Queens, N.Y., and Stratford Avenue in the Bronx, N.Y. The loans feature rates of 2.94 percent and 10-year terms. Avi Weinstock and Michael Farkovits negotiated these transactions.

-Meridian negotiated a new mortgage of $10.4 million on a 68-unit, six-story multifamily building located on Lenox Avenue in New York. The loan features a rate of 2.85 percent and a 10-year term. Morris Diamant negotiated this transaction.

-A new mortgage of $5.1 million was placed by Meridian on a 69-unit, six-story multifamily building located on Caton Avenue in Brooklyn, N.Y. The loan features a rate of 2.75 percent and a 10-year term. The transaction was negotiated by Zev Feder.

-Meridian negotiated a new mortgage of $2.6 million on an eight-unit, four-story multifamily building located on West 47th Street in New York. The loan features a rate of 3.00 percent and a 10-year term. Morris Diamant and Joe Klein negotiated this transaction.

-A new mortgage of $2.17 million was placed by Meridian on a 38-unit, five-story multifamily building located on University Avenue in the Bronx, N.Y. The loan features a rate of 2.90 percent and an three-year term. Morris Diamant and Ben Piller negotiated this transaction.