JLL arranges JV equity and debt for $135M best-in-class New Jersey multi-housing development
JLL Capital Markets arranged the $88.6M debt financing and $38M equity placement for the 300-unit Canterly Place in Livingston, New Jersey
NEW JERSEY, Jan. 5, 2023 – JLL Capital Markets announced today that it has arranged the $88.6 million construction financing and the $38 million equity placement for Canterly Place, a 300-unit, to-be-built, Class A apartment building located in Livingston, Essex County, New Jersey.
JLL represented the sponsor, Okner Developers, LLC, to secure the 10-year, fixed-rate construction loan through Northwestern Mutual. JLL also arranged the joint venture equity with Northwestern Mutual.
Canterly Place will feature 240 market-rate units and 60 affordable-rate units. The units will feature
superbly designed one-, two- and three-bedroom floorplans with designer kitchens, hardwood-style flooring, oversized windows, walk-in closets, in-unit full-size washers and dryers. Community amenities will include a hotel-style lobby, an upscale clubroom, a library lounge, a private dining, a game room, a state-of-the-art fitness center, a co-working work from home lounge, a golf simulator, a resort-style pool, a paved walking path/fitness trail, a basketball court, a pickleball court and more.
Situated on Okner Parkway, Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby I-280, I-287 and Route 24. Livingston is an easy commute to the region’s major employment hubs in the surrounding area and just 10 miles away from Manhattan. Local retail amenities include numerous stores and shopping centers along the Route 10 Retail Corridor located just south of property.
The JLL Capital Markets Team was led by Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs.
“JLL is pleased to announce the successful capitalization of this exceptional project,” said Cadranell. “Northwestern Mutual recognized the outstanding investment characteristics of this development which outweighed the current disruption in the capital markets. Canterly Place will be a first-class property that will enhance the quality of life of its residents and the surrounding community.”
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.