$20M financing secured for construction of luxury apartment community in New Jersey

MORRISTOWN, Jan. 4, 2023 – JLL Capital Markets announced today that it has closed the $20 million construction financing for 397 Millburn Ave., a 53-unit, three-story, luxury apartment development in Millburn, New Jersey.

JLL worked on behalf of the borrower, Eagle Cliff Real Estate Partners and MRY Associates, to secure the three-year, floating-rate loan through Provident Bank.

With an anticipated completion early 2024, the property will be developed to LEED standards, contain an underbuilding parking garage for residents and offer unique unit layouts, some with private outdoor balconies and some with direct external stoop entrances.  In addition, the one- and two-bedroom units will feature stainless steel appliances, quartz countertops, chef-inspired kitchens, in-unit washers and dryers, walk-in closets and nine-foot ceilings. Community amenities will include hospitality-inspired common areas, a spacious clubroom with wet bar, a luxurious private event room, a state-of-the-art fitness center and an outdoor courtyard.

Ideally situated in the heart of Millburn Township, 397 Millburn Ave. will offer residents access to downtown’s diverse restaurants, fine wine shops, art galleries, beauty salons, clothing stores, pharmacies and more. The property is proximate to Taylor Park, a 13-acre community park offering residents outdoor space and recreational activities, and just a 10-minute drive to The Mall at Short Hills. The community also will provide convenient options for commuters with NJ Transit’s Millburn train station just .5 miles away, allowing travel to New York Penn Station in 45 minutes and easy access to Interstate 78 and the Garden State Parkway.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula and Analyst Salvatore Buzzerio.

“Transit-oriented communities such as Millburn are in need of new, high-end multi-housing options,” said Mikula.  “Eagle Cliff and MRY will be providing an amazing project that will help transform downtown Millburn.”

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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