$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.
“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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Eagle Cliff Real Estate Partners
Eagle Cliff Real Estate Partners is a private investment firm focused on real estate opportunities across diversified asset classes in the Northeast and Mid-Atlantic region of the US. Eagle Cliff creates value through collaborative partnerships, thoughtful investment structuring, and undertaking a hands-on approach to operations and development management. Eagle Cliff is managed by Paul Teti and Giorgios Vlamis and invests capital on behalf of both family offices and institutional partners. Over the past 20 years the Eagle Cliff management team has been part of building, improving, and monetizing both real estate investments and operating companies.
About MRY Associates
MRY Associates is a private equity real estate organization seeking value added commercial and multi-family investment and development opportunities in the Northern New Jersey marketplace since 2010. With 35 years of experience in commercial real estate, founder and principal Mark Yeager previously served as president of The Gale Company, where he oversaw the investment of more than $3 billion of institutional funds and the acquisition or development of more than 15 million square feet of commercial space throughout the greater New Jersey marketplace. He also previously served as executive vice president of Mack-Cali following the company’s acquisition of Gale.