$18.3M in financing secured for two New Jersey multi-housing communities
JLL Capital Markets arranged the construction financing for 6116 Harrison and the refinancing for The Madison in West New York, Hudson County New Jersey
MORRISTOWN, November 8, 2022 – JLL Capital Markets announced today that it has arranged $11.8 million in construction financing for 6116 Harrison and the $6.5 million in permanent refinancing for the Madison in West New York, Hudson County, New Jersey.
JLL represented a private developer to secure a three-year, floating-rate construction loan through Cathay Bank for the financing of 6116 Harrison. Additionally, JLL represented the borrower to secure a 10-year, fixed-rate loan through TD Bank for the refinancing of The Madison.
Upon completion, 6116 Harrison will feature 48 units, consisting of one- and two-bedroom units with an average unit size of 847 square feet. Completed in December 2021, The Madison consists of one, four-story building with 26 studio, one- and three-bedroom units with an average unit size of 793 square feet. Both communities offer luxury units with hardwood-style flooring, quartz countertops, stainless-steel kitchen appliances and in-unit washers and dryers and provide community amenities, such as fitness centers and garage parking.
The properties are located within .5 miles of each other at 6116 Harrison Place and 529 61st St. The communities are one mile from the Bergenline Avenue NJ Transit Station and all the local shops, bars, and eateries on the “Miracle Mile.”
The JLL Capital Markets Debt Advisory team representing the borrower was led by Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio.
“Local and regional banks continue to be one of the most liquid parts of the market, and we saw no shortage of interest from them on these two deals,” said Pizzolato.
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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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 $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.