Cushman & Wakefield, a leading commercial real estate firm, has successfully advised Colony Hills Capital and Balfour Beatty Communities in securing a $29 million equity financing package from Heitman for their acquisition of Mount Laurel Crossing. This 296-unit multifamily community in Mt. Laurel, NJ was acquired for $79 million with the help of a fixed-rate senior loan worth $55.3 million provided by Freddie Mac.
Built in 1999, Mount Laurel Crossing offers one-, two-, and three-bedroom units averaging at 944 square feet each. At the time of sale, it boasted an impressive occupancy rate of 98%. The new owners have plans to enhance both interior and exterior features such as adding amenities like a resort-style pool, outdoor lounge area,dog park,and clubhouse along with detached garages.
Located near various recreational facilities including tennis courts,pickleball courts,basketball courts,a baseball field,and children’s play area,the community is ideally situated for residents looking to enjoy an active lifestyle.
The successful equity financing was orchestrated by Cushman & Wakefield’s Equity Debt & Structured Finance team consisting of John Alascio,Alex Hernandez,Aaron Graves,and John Spreitzer on behalf of Colony Hills Capital.This strategic move will undoubtedly benefit all parties involved while also contributing towards the growth and development within this region.
