$57.5M financing secured for New Jersey multi-housing community
JLL Capital Markets arranged the financing for the 220-unit EVO in Englewood, New Jersey
MORRISTOWN, Nov, 16, 2022 – JLL Capital Markets announced today that it has arranged the $57.5M financing of EVO, a 220-unit, newly built, luxury multi-housing property located in downtown Englewood, New Jersey.
JLL represented the sponsorship, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors, to secure the eight-year, fixed-rate loan through The Guardian Life Insurance Group of America.
EVO features spacious studio, one- and two-bedroom residences with ceilings reaching nine feet, chef-inspired kitchens with stone countertops, tiled backsplashes, stainless-steel appliances, plank flooring, oversized windows, walk-in closets, washers and dryers and private outdoor space in select homes. Community amenities include a resident lounge, co-working lounge, fitness center, yoga studio, outdoor swimming pool, outdoor bar and barbecue lounge seating, club room, fire pits and a pet spa.
The community is located at 40 Bennett Rd. within the inner ring of the New York Metropolitan area, offering exceptional highway access to New York City, as well as New Jersey’s most traveled commuter thoroughfares. Situated on the westbound side of Route 4, EVO provides direct connections to the George Washington Bridge, I-80, Route 17 and the Garden State Parkway in just five minutes. The entrance to the New Jersey Turnpike (I-95) is located just over one mile from the property, and the Palisades Interstate Parkway and Interstate 80 are within five minutes of the property. In addition to the excellent highway accessibility, EVO is also set in a walkable location in downtown Englewood’s restaurants and parks.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula, Associate Gerard Quinn and Analyst Benjamin Morgenthal.
“JLL is pleased to have secured financing for EVO as the project evolved, starting with the construction loan we placed on the property in 2019 and now coming full circle to secure permanent financing as the property stabilizes,” said Klein.
“EVO has been a tremendous success and addition to downtown Englewood,” added Mikula. “Guardian was able to quickly understand nuances of the project and lock down this transaction in a fast-moving capital markets environment.”
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 Claremont Development
Claremont Development is a real estate development firm that focuses primarily on the ground-up development of industrial and multi-family projects throughout New Jersey. Claremont leverages their inhouse expertise and strategic partnerships to navigate all elements of the development and construction process in order to minimize risks and maximize returns. Claremont has a proven track record to identify, acquire, entitle, design, finance and construct projects with a core investment strategy focusing on strategically located development opportunities that are being underutilized and require substantial environmental remediation efforts. For more information please visit: www.claredev.com.
About Cypress Equity Investments
Cypress Equity Investments is a national real estate investment company comprised of professionals who have been executing real estate investment strategies for the past three decades. Since its inception in 2001, CEI has been executing ground-up and value-add real estate projects in all asset classes, with a primary focus on multifamily, in top-tier markets across the United States. For more information, explore https://www.cypressequity.com/.
About Battery Global Advisors
Battery Global Advisors provides customized wealth management within an institutional family office framework. Between the families we advise and the private funds we offer, BGA manages over $4B of assets for sophisticated investors around the world. For more information please visit: www.bga.com.