$47M in financing secured for multi-housing development in Philadelphia suburb
JLL Capital Markets arranged the construction financing for a multi-housing development in Burlington County, New Jersey
MORRISTOWN, August 11, 2022 – JLL Capital Markets announced today that it has arranged the $47 million construction financing for the development of an approximately 300-unit apartment community in Burlington County, New Jersey.
JLL worked on behalf of the borrower to secure the three-year, floating-rate loan through Wells Fargo.
Upon an anticipated completion of Q2 of 2024, the property will offer one-, two- and three-bedroom floorplans with an average unit size of 971 square feet. Unit features and finishes will include hardwood-style flooring throughout living spaces, carpet flooring in bedrooms, stainless-steel appliances, quartz countertops, soft-close cabinetry, tile backsplash, modern lighting fixtures and high-efficiency washers and dryers. The best-in-class amenity package will feature a state-of-the-art fitness center, business center, swimming pool, courtyard lounge, outdoor grilling stations, dog parks and walking trails.
Located in Burlington County, the apartment community will provide residents quick and convenient access via Interstate 295 and Route 130 to the nearly 7 million square feet of office space in Burlington County and just 20 miles away from Center City, Philadelphia. Nearby retail options include Liberty Square Center, Towne Crossing Shopping Center and the Aldi-anchored Larchmont Commons.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Matthew Pizzolato, Michael Klein and Salvatore Buzzerio.
“We saw a tremendous amount of interest from the lending community for this deal given the strength of the sponsorship and their proven track record in the market,” said Pizzolato.
“We were thrilled to be a part of this transaction and help our client continue to grow their multi-housing portfolio in the region. Wells Fargo was great to work with and quickly understood the demand in the market for this type of product,” said Klein.
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.