Heitman, Freddie Mac Provide $79M Acquisition Financing for NJ Community
Mount Laurel Crossing is a 14-building, 296-unit multifamily community outside Philadelphia
By Brian Pascus June 17, 2024 2:38 pm
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Colony Hills Capital and Balfour Beatty have secured $79 million in acquisition financing for Mount Laurel Crossing, a 14-building, 296-unit multifamily community in a New Jersey township just outside Philadelphia, Commercial Observer has learned.
The financing was structured with both debt and equity. The $29 million equity component included preferred equity from Heitman, a Chicago-based real estate investment firm, as well as common equity from Balfour Beatty Communities and Freddie Mac (FMCC) provided a $55.3 million fixed-rate senior loan.
Cushman & Wakefield (CWK)’s John Alascio, Alex Hernandez, Aaron Graves and John Spreitzer arranged the equity financing.
“This property is well positioned to benefit from new ownership’s renovation program and Mt. Laurel’s continued strong submarket fundamentals,” said Cushman’s Graves in a statement.
Located at 1 Larchmont Place in Mount Laurel Township — 15 miles from downtown Philadelphia and near the famous Cherry Hill Mall and New Jersey Turnpike — Mount Laurel Crossing opened in 1999.
The rental community features one-bedroom to three-bedroom units averaging nearly 950 square feet. The property is managed by Willow Bridge Property Company. The onsite amenities include a resort style swimming pool, an outdoor lounge, a dog park, a clubhouse and detached garages for tenants.
Nearby employers in the region include the University of Pennsylvania, Campbell Soup Company, Comcast, and Lockheed Martin.
Cushman’s Alascio said that the sponsors plan several property enhancements on the grounds that include interior unit renovations, common area remodeling, and an improved fitness center.
“The equity financing package we orchestrated supports Colony Hills Capital and Balfour Beatty Communities in realizing their vision for Mount Laurel Crossing, making it a standout asset in the region,” added Alascio.
Neither Colony Hills Capital nor Balfour Beatty responded to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
