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HFF Closes Sale of and Secures $33.23M Financing for 142-unit Independent Living Facility in Teaneck

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of and secured financing for Heritage Pointe of Teaneck, a 142-unit independent living facility in Teaneck, Bergen County, New Jersey.

HFF marketed the property on behalf of Lowe Enterprises Investors, acting on behalf of an investment client, to an undisclosed buyer.  In addition, HFF secured a $33.23 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Company, FSB.

Completed in 2004, Heritage Pointe of Teaneck is a four-story independent living property that has 45 one-, 94 two- and three three-bedroom units averaging 1,045 square feet each.  The property is 97.2 percent occupied and includes amenities such as a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon and tennis courts.  Heritage Pointe of Teaneck is located at 600 Frank W. Burr Boulevard and is approximately a half of a mile from Holy Name Hospital and near Englewood Hospital and Hackensack Medical Center.

The HFF team representing the seller was led by managing directors Ryan Maconachy and Chad Lavender along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.

HFF’s debt placement team was led by managing director Steven Klein.

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