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JV Secures Acquisition Financing on Mercer at Lawrence Station

HFF Arranges Multifamily Financing Following November Acquisition
January 30, 2018
A joint venture between Rockpoint Group LLC and The Brooksville Company has secured acquisition financing following its November 2017 purchase of The Mercer at Lawrence Station apartments at 100 Avalon Bay Dr. in Lawrenceville, NJ.

Michael Klein and Matthew Pizzolato with Holliday Fenoglio Fowler (HFF) LP arranged the financing on behalf of the borrower, placing the seven-year, floating rate loan with a national bank.

"Given the location, quality of the asset and the proven track record of the sponsor, there was a significant amount of interest in this opportunity from the lending community," noted Klein.

The 312-unit, garden-style multifamily community totals 707,592 square feet in the Princeton submarket of Mercer County, less than one mile from Route 1. It encompasses 16 three-story buildings on 69 acres, offering a mix of one-, two- and three-bedroom units averaging 1,094 square feet including townhomes and loft apartments. Residences are equipped with gas fireplaces, direct access to personal garages, patios/balconies, in-unit washers and dryers, individual alarm systems and walk-in closets. Community amenities include a heated outdoor pool, tennis courts, playground, picnic and grilling areas, fully equipped fitness center, indoor basketball court and resident lounge, according to a corporate release.
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