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News release

New York

Financing Fuels Value-Add Play for New Jersey Multifamily Asset

Novel Property Ventures purchases Nob Hill for $130 million, JLL secures $102 million acquisition financing and $10 million construction facility


NEW YORK, Jan. 26, 2017 – On behalf of Novel Property Ventures, JLL's Capital Markets experts today announced the firm secured $102 million in acquisition financing and a $10 million construction facility for the purchase and rebrand of Nob Hill, a 30-building, 360-unit multifamily asset located in Roseland, New Jersey. Acore Capital provided the financing package. Novel purchased the assets from Segal & Segal for $130 million. ​

Nob Hill.jpegManaging Director Dustin Stolly and Senior Vice President Aaron Niedermayer led the JLL team on the financing.

"It is rare that such a large multifamily asset trades in Northern New Jersey," said Stolly. "The value-add opportunity, near-full occupancy, experienced sponsorship and high barrier-to-entry market made this asset highly appealing to lenders."

"The Segals are incredible owners and developers, and people of great integrity," said Bennat Berger, Cofounder and Principal of Novel Property Ventures. "We are honored to have the privilege of preserving their legacy. Everly Roseland will be a one-of-a-kind New Jersey garden complex."

Added Andrew Miller, Principal of Novel Property Ventures, "This acquisition is a strong example of our success in capitalizing on the demand for upgraded multifamily product. We anticipate this success to continue as we expand our footprint to include garden-style assets across the country."

Located on a 36-acre site, Nob Hill provides residents with multiple public transit options for travel to New York City, including a NJ Transit bus stop adjacent to the entrance, and proximity to highways and train stations serving NJ Transit and Amtrak commuters.

While immaculately maintained by the seller, to the property will be rebranded, renovated and modernized, which together with its strategic location, will make Nob Hill one of Northern New Jersey's premier apartment communities, according to Novel.

Nob Hill includes community amenities such as a swimming pool, two tennis courts, and private garages for each unit and ample surface parking. The Sponsor's renovation plan includes construction of a clubhouse and fitness center, dog run and redesign of existing amenities.

Novel Property Ventures – founded by Bennat Berger and Andrew Miller – has an extensive track record of acquiring, renovating and repositioning a multitude of multifamily assets throughout New Jersey and New York. 

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.​

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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

-Ends-

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.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 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.