$88M in acquisition financing secured for Avalon Somerset
JLL Capital Markets arranged financing for the luxury New Jersey apartments
MORRISTOWN, N.J., January 11, 2021 – JLL Capital Markets announced today that it has arranged $88 million in acquisition financing for the recently purchased Avalon Somerset apartments in Somerset, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Harbor Group International and Azure Partners, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. JLL also completed the sale of the property to Harbor Group International and Azure Partners.
The luxury community is comprised of 384 studio, one-, two- and three-bedroom apartments and townhomes. Built in 2013, the community totals 12 three-story buildings, one four-story building and a one-and-a-half story clubhouse. Avalon Somerset offers top-of-the-line community amenities, including a fitness center, outdoor swimming pool with a sundeck and grilling area, residents’ lounge and children’s playground. Additionally, the community offers 468 covered and surface parking spaces for residents. Units average 1,016 square feet in size and feature in-unit washers and dryers, open concept gourmet kitchens and spacious closets with select units offering private balconies and patios.
Avalon Somerset is located at 500 Bristol Blvd., proximate to various employment hubs, including Metro Park, Bridgewater, Princeton and New Brunswick. Offering regional connectivity, the property is near major roadways including Interstate 287, Route 27 and 1, as well as the New Jersey Turnpike.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jamie Leachman and Directors Matthew Pizzolato, Amit Kakar and Thomas E. Didio, Jr.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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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Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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 Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $12.6 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.1 million square feet of commercial properties and 46,000 apartment units. For additional information, please visit www.harborgroupint.com.
About Azure Partners
Azure Partners is a real estate investment firm focused on the acquisition and management of real estate assets within high-growth markets in the United States. Azure’s primary investment objective is to produce superior risk adjusted returns while giving investors current cash return on equity and minimizing downside risk. Since its founding in 2010, Azure has purchased nearly $2 Billion of assets including more than 9,000 multifamily units and 700,000 square feet of retail.