Pomona, NY Holliday Fenoglio Fowler, L.P. (HFF) has completed the $30.15 million refinancing for The Henry, a 169-unit, garden-style multi-housing community in Rockland County.
HFF worked exclusively on behalf of the borrower, Spirit Investment Partners and The Bascom Group, to secure the three-year, floating-rate loan through Ares Management, L.P. Loan proceeds were used to retire existing debt on the property. The HFF team representing the borrower included Jamie Leachman and Nicole Brickhouse.
The Henry is on 12.1 acres at One Crystal Hill Dr. Originally constructed in 2001, the property has undergone a full renovation during the past four years and offers best-in-class amenities, including a 5,000 s/f community lounge with billiard and arcade room; community garden; heated outdoor swimming pool and fitness center with indoor and outdoor basketball courts. Units average 1,265 s/f and feature one- and two-bedroom townhome and loft-style floor plans with quartz countertops, subway tile backsplashes, Whirlpool stainless steel appliances, full-size washers and dryers, central air conditioning, private terraces/balconies/patios, personal intrusion alarm systems, faux wood flooring, and detached garages or direct-access parking.
“Spirit and Bascom have repositioned The Henry to top-of-the-market quality,” Leachman said. “The financing opportunity generated significant interest and multiple term sheets, which will allow Spirit and Bascom to continue to extract value from the property for several more years.”