MORRISTOWN, December 1, 2021 – JLL Capital Markets today announced that it has set up $ 45.5 million in financing for two multi-unit buildings totaling 321 units in the northern New Jersey communities of Nutley and Palisades Park, New Jersey.
JLL worked exclusively for the borrower, Tidewater Real Estate, to place a $ 31.5 million loan for Village Manor and a $ 14 million loan for Palisades Manor through its correspondent relationship with John Hancock. Both fixed rate loans have a reverse charge term of 30 years.
Village Manor is a garden style apartment community comprising 227 one and two bedroom units ranging from 659 to 910 square feet. Built in 1950, the units feature air conditioning, high speed internet access, hardwood floors, laundry room, playground, and walking and cycling trails. The property is located in Nutley, Essex County, 14 miles from Manhattan. The community is within walking distance of buses to New York and the train station.
Completed in 1935, the four-story Palisades Manor is a 94-unit garden-style community in Palisades Park comprising of studios, one, and two-bedroom units averaging 946 square feet. The mid-rise property is in the Bergen County Waterfront infill, one block from downtown shopping areas and seven miles from Upper Manhattan. Plus, the property offers easy access to nearby colleges and universities, including Yeshiva University, City College of New York, and Manhattan School of Music.
Capital Markets’ team of debt advisors representing the borrower was led by Senior Managing Director Greg Nalbandian and Vice President Michael Lachs.
âWe were delighted to place these 30 year fixed rate long term loans through our correspondent relationship with John Hancock. These assets have historically outperformed their respective markets and have been very well maintained by the sponsor over the years. Our client has taken advantage of historically low interest rates and locked in an extremely attractive rate for each asset for the next 30 years, âsaid Nalbandian.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.
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