$10M financing secured for New Jersey mixed-use community
JLL Capital Markets arranged the refinancing for The Grande at Norwood
MORRISTOWN, N.J., Sept. 20, 2022 – JLL Capital Markets announced today that it has arranged $10 million in refinancing for The Grande at Norwood, a recently completed, 41,463-square-foot mixed-use community in affluent Norwood, New Jersey.
JLL represented the borrower, Maxim Realty Trust, to secure a 10-year, fixed-rate loan through Valley National Bank.
The Grande at Norwood features 30 multi-housing units and two retail spaces. The residential portion includes one- and two-bedroom units with stainless steel appliances, open floorplans, granite countertops and designer bathrooms. The retail space will be occupied by a dentist office and a restaurant.
Located at 445-461 Livingston St., a highly visible, well-traveled throughfare, the property is easily accessible to Route 9W and the Palisades Interstate Pkwy. Additionally, the community is just ten miles to the Tappan Zee Bridge and 14 miles to the George Washington Bridge.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Gregory Nalbandian.
The Maxim Realty Trust team was led by Gerry A Puccio, CEO and developer of The Grande at Norwood.
“Valley provided the initial construction loan through JLL and stepped up very aggressively to retain the 10-year fixed rate loan. Our client received a very significant cash out while locking in a very low rate upon executing the application before the runup in treasuries. Other economic benefits included an interest only period and excellent prepayment flexibility,” stated Nalbandian.
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 June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.