Colony Hills & Balfour Beatty Secure $79M Acquisition Loan For Mount Laurel Multifamily

The multifamily property involved in the transaction is located at 1 Larchmont Place in Mount Laurel. This property, known as Mount Laurel Crossing, consists of 296 units. The financing for this acquisition included a $79 million loan, comprising $29 million in equity. The lender, Heitman, provided preferred equity, while common equity came from Balfour Beatty Communities. Additionally, there was a $55.3 million fixed-rate senior loan from Freddie Mac. Cushman & Wakefield facilitated the equity financing for this property, recognizing its potential for renovation and its advantageous proximity to major employers and amenities.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $79,000,000
• Lender: Heitman & Freddie Mac
• Landlord: Glenn Hanson - Colony Hills Capital; Chris Williams - Balfour Beatty Communities
• Brokers: Aaron Graves, Alexander Hernandez, John Alascio & John Spreitzer - Cushman & Wakefield

The key individuals and companies involved in this deal are Glenn Hanson from Colony Hills Capital and Chris Williams from Balfour Beatty Communities, who secured the $79 million acquisition financing for Mount Laurel Crossing. The brokers responsible for arranging this transaction were Aaron Graves, Alexander Hernandez, John Alascio, and John Spreitzer from Cushman & Wakefield. Their expertise played a crucial role in highlighting the property's potential and securing the necessary financing for the acquisition.