The New Jersey office of Holliday Fenoglio Fowler, L.P. arranged a $33.3 million construction financing for Covington Village, a 360-unit, to-be-built, active-adult condominium community in Lakewood, New Jersey.

Senior managing director Jon Mikula and director Jim Cadranell worked on behalf of Covington Village at Lakewood, L.P. to secure the two-and-one-half-year, floating-rate loan. Covington Village at Lakewood, L.P is a New Jersey Limited Partnership. The general partner of the borrower is residential real estate developer, Matzel Development.

Financing was arranged with the New Jersey office of Wachovia Bank's Real Estate Financial Service Group.

Covington Village is located on Locust Avenue in Lakewood Township, which is in northern Ocean County.

The 35-acre gated community will include twelve, three-story buildings with 144 one-bedroom/one bath, 72 one- bedroom/one-bath with den, and 144 two-bedroom/two-bath units. Unit size ranges from 826 square feet to 1,098 square feet. Community amenities will include a clubhouse with a billiards room, card room, library and computer room, fitness center, banquet/dining room, heated outdoor swimming pool, shuffleboard courts and concierge service. The property is due for completion in 2005.

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