NEWARK, DEL. — Aulder Capital has purchased Foxwood Apartments, a 414-unit value-added multifamily property located at 15 Fox Hall in Newark. Fairfield English Village LLC, an affiliate of Fairfield Residential, sold the property for $44.5 million. Foxwood Apartments comprises 31 three- and four-story residential buildings completed in the 1970s. At the time of sale, the property was 96 percent leased. The community features a mix of one-, two- and three-bedroom floor plans averaging 869 square feet. Community amenities include a resort-style pool with sundeck, playground, fitness center, barbecues, picnic areas and landscaped grounds. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction.
Additionally, James Conley of HFF arranged a $34.3 million acquisition loan for the buyer. The seven-year loan features a fixed-rate with four years of interest-only payments at 75 percent loan-to-value. The loan was provided through Freddie Mac’s Capital Markets Execution Program.