Jones Lang LaSalle

$6M Refinance Will go Toward Paying Debt, Interior Upgrade
By Eric Peterson
Last updated: December 16, 2005 10:44am

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BRICK, NJ-LCL Management has received a $6 million loan secured by its Brick Estates, a 90-unit multifamily community here. The borrower is a Parsippany, NJ-based owner/operator of multifamily and retail properties.

The funding was arranged by senior managing director Jon Mikula and managing director Jim Cadranell of the Florham Park, NJ office of Holliday Fenoglio Fowler. The 10-year, fixed-rate loan was placed through Freddie Mac, according to Mikula. The 70% leveraged loan will refinance an existing loan, provide funds for an ongoing interior upgrade program and will be serviced through HFF.

Brick Estates, on an eight-acre site, consists of five, two-story buildings with one- and two-bedroom apartments, and one-, two- and three-bedroom townhomes. The property is currently 97% occupied.