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News release

New York

Strong New Jersey Multifamily Market Spurs Financing Activity

JLL secures $42.5 million in financing for River Park at Raritan


​Taking advantage of low vacancy rates and a premium suburban location, Castle Lanterra Properties today announced it has secured $42.5 million in financing for the acquisition and rehabilitation of River Park at Raritan, a 224-unit multifamily asset located in Somerset County, New Jersey. JLL secured the loan through Freddie Mac. The securitized loan will be serviced by JLL through its Freddie Mac Program Plus® Seller/Servicer program. 

Senior Vice President Jonathan Schwartz, Managing Director Aaron Appel and Vice President Adam Schwartz led the JLL team on the deal.

"Somerset County's extremely low multifamily vacancy rate combined with River Park at Raritan's tremendous value-add potential drew significant interest from lenders looking to get into a prestigious market," said Jonathan Schwartz. "This financing provides Castle Lanterra Properties with a high-quality asset with upside rents primed to produce a steady yield. Having worked with CLP on previous successful transactions, we are pleased to continue and expand our relationship with their entire team."

River Park at Raritan is located 60 miles from New York City and 50 miles Philadelphia, directly off route 206 and provides easy access to Interstates 287 and 78 as well as surrounding retail centers. Community amenities include a heated pool, state-of-the-art fitness center, club room with billiards, bar, flat screen TV and a fireplace, as well as tennis and basketball courts.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

 

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For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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About JLL

 

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.