Newly constructed 745 Hamilton apartments refinanced for $12M
JLL Capital Markets secured financing for the luxury Northern New Jersey apartments
MORRISTOWN, N.J., November 19, 2020 – JLL Capital Markets announced today that it has arranged a $12 million refinancing for the newly constructed 745 Hamilton apartments in Somerset, New Jersey.
JLL worked on behalf of Country Classics at Hamilton to secure the 12-year, fixed-rate loan through Nationwide Life Insurance Company.
Located less than two miles from downtown New Brunswick, 745 Hamilton consists of 61 one- and two-bedroom luxury apartments along with 4,322 square feet of ground floor retail. Construction was completed in 2020 and touting best-in-class finishes, all units have modern, open-floor concepts with quartz countertops, designer cabinets, stainless steel appliances, offer private balconies, in-unit washers and dryers and more. Community amenities include a state-of-the-art fitness center, yoga studio and high-quality camera and package delivery systems.
Somerset is an extension of New Brunswick, which is considered New Jersey’s premier economic education and health care hub, is home to Rutgers University and is located just an hour outside of New York City. The property was developed amid a massive area redevelopment, with Somerset becoming one of New Jersey’s most desirable cities due to its quick access to downtown New Brunswick, boom in luxury rental housing and vibrant nightlife, entertainment and dining scenes.
The JLL Capital Markets team representing the borrower was Senior Managing Director Jim Cadranell, Director Matthew Pizzolato and Vice President Michael Lachs.
“We were happy to help our client secure long-term, fixed-rate financing with one of our correspondent Life Company relationships. Country Classics did a fantastic job developing 745 Hamilton and Nationwide recognized this and offered attractive terms while the property was still in lease-up,” Pizzolato said.
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Country Classics at Hamilton
Since 1988, Country Classics has dedicated itself to building superior homes in inviting neighborhoods that meet and exceed the dreams of its homebuyers. Listening to and working closely with homebuyers and addressing their individual needs has kept Country Classics in business for more than two decades, and has earned a reputation that is unequaled in this area as it continues to raise the standard of excellence in construction quality, design innovation and outstanding value.