JLL arranges $30M financing for NJ multi-housing property
The garden-style Bergen County community totals 237 units
MORRISTOWN, N.J., May 12, 2020 – JLL Capital Markets announced today that it has arranged $30 million in financing for Ivy Lane, a 237-unit, garden-style multi-housing community in Bergenfield, Bergen County, New Jersey.
JLL worked on behalf of the borrower, Tower Management Service, L.P., to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
Ivy Lane is located on the border of Teaneck and Bergenfield along Liberty Road less than eight miles from Manhattan. The property consists of 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Ivy Lane also includes 227 on-site parking spaces and 102 garages. The borrower also owns and operates the adjacent Omni Apartments and both communities have experienced high historical occupancies.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Analyst Gerard Quinn.
“We were very pleased to execute this fixed-rate loan during the current market conditions,” Didio said. “Tower Management and Freddie Mac did a great job committing to and closing the loan, and a big thanks to our internal Freddie Mac team for their hard work getting this to the closing table.”
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tower Management Service, L.P.
Tower Management Service, L.P. is a real estate operating company that owns approximately 2200 multifamily apartment units in approximately 20 garden style apartment communities located in New York State and New Jersey. The company's corporate office is located in River Edge, New Jersey, in a 7,500 square foot office building owned and primarily occupied by Tower. Tower employs approximately 60 people, 10 of which are located in River Edge. The remaining employees are located at the various sites, performing property management and maintenance functions. Tower is a Delaware Limited Partnership consisting of approximately 150 limited partners. Tower Management Service, Inc. is the sole General Partner. Senior management of the company owns approximately 18 percent of the Limited Partnership.