Fairway 28 in Bridgewater — Courtesy: Country Classics
By Joshua Burd
Brokers with HFF have secured $9.3 million in financing for the developer of a recently completed and now fully leased apartment complex in Bridgewater.
The firm said Thursday that it represented the borrower, Country Classics, in arranging the 10-year, fixed-rate loan for the 51-unit midrise building off Route 28. The loan, which was provided by a life insurance company, allowed the builder to retire the existing construction loan prior to stabilization and to lock in a low interest rate for the property known as Fairway 28.
The HFF debt placement team representing the borrower included Senior Managing Director Jim Cadranell and Associate Matthew Pizzolato.
“Country Classics was able to replicate the success they’ve had in the development of luxury single-family homes throughout the past 28 years with the development of one of Central New Jersey’s finest multifamily properties,” Pizzolato said. “Fairway 28 will serve as a benchmark to other multifamily developments in the area.
“The lender recognized this and provided excellent terms.”
Fairway 28 was completed in December 2016 and features a mix of luxury apartments ranging from one- to three-bedroom units. In a separate news release, Country Classics said last week that rental community was fully leased, touting its high-end finishes and appliances.
“Feedback on the community has been phenomenal,” said Danielle Tampier, a sales associate with the firm. “Everyone is impressed with the interior selections and the offerings in the community. It is a brand new apartment building, in an ideal area with a great school system, so we are not surprised it filled up before the summer was over.”
Community features include a fitness center, clubroom with kitchenette, storage units, outdoor grill and fire pit and other amenities, the news release said. The property abuts the Raritan Valley Country Club Golf Course and provides access to interstates 78 and 287, along with routes 202, 206, 28 and 22.
Fairway 28 also sits a mile and a half from an NJ Transit rail station in Raritan.
“Our apartments were designed with an open living concept, with the Kitchen overlooking the living and dining area, so the units feel spacious and welcoming,” Tampier said. “We also have lots of closet space with an option to rent a storage unit or garage, which has been very beneficial to our tenants.”