Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged the $13.25 million refinancing of SOMA, a 69-unit luxury apartment community in Somerville, New Jersey.
HFF worked exclusively on behalf of the borrower, Sterling Properties Group, LLC, to secure the long-term, fixed-rate financing from New York Life Insurance Company.
SOMA is located at 110 South Bridge Street adjacent to the Somerville Train Station, which provides access to New York’s Penn Station. Additionally, the LEED Silver property is less than half of a mile from NJ Transit bus service and less than seven miles from major highways, including Interstate 287, Interstate 78, Route 202/206 and Route 22. Completed in 2019, SOMA’s 69 luxury residences feature a mix of studio, one- and two-bedroom floor plans with stainless steel appliances, European-style cabinetry, quartz countertops, subway tile backsplash, Moen faucets and fixtures and walk-in closets. Community amenities include a private fitness center, tech lounge, bike share program and proximity to downtown Somerville’s restaurants, retail and entertainment.
The HFF debt placement team representing the borrower was led by senior managing directors Jim Cadranell and Jon Mikula and analyst Andrew Zilenziger.
About Sterling Properties Group, LLC
Sterling Properties is widely recognized as a premier developer of luxury rental residences, upscale single-family homes, townhomes, retail and commercial throughout New Jersey and the Metropolitan area. Sterling Properties currently owns and manages 20 communities totaling nearly 2,000 units located throughout New Jersey and Orange and Dutchess County, New York.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc.