$10M in joint venture equity arranged for multi-housing redevelopment site in New Jersey
JLL Capital Markets arranged the joint venture equity for 65 Church St., a to-be-built, 74-unit, mixed-use property in Montclair, New Jersey
MORRISTOWN, NJ, October 31, 2022 – JLL Capital Markets announced today that it has arranged $10 million in joint venture equity for the acquisition of 65 Church St., the fully approved redevelopment site in Montclair, New Jersey. The project will include 74 apartment units and 3,873 square feet of retail space in downtown Montclair, New Jersey.
JLL worked on behalf of Bijou Properties, LLC and Accurate.
The four-story property will feature 34 one-bedroom, 30 two-bedroom and two three-bedroom market residential units. The site is also approved for one one-bedroom, five two-bedroom and two three-bedroom affordable residential units. Numerous amenity spaces will include a rooftop deck with views of the New York skyline, a bicycle room, indoor lounge, fitness room and a package room. The property will accommodate 112 vehicles across two levels.
Situated at 65 Church St., the property is less than one mile from the NJ Transit Walnut Street and Bay Street Stations, with train service to New York Penn Station on the Montclair-Boonton line in less than 40 minutes. The site is also proximate to I-280, the Garden State Parkway and I-95, providing residents access throughout the tri-state region. Additionally, the location offers a Walk Score® of 92.
The JLL Capital Markets Investment Advisory team representing Bijou was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Director Ryan Robertson, Managing Directors Michael Oliver and Steve Simonelli and Associate Michael Zlotnick.
“We have seen significant demand for multi-housing development sites in New Jersey especially in infill markets throughout the state. Montclair is one of the most desirable submarkets and the activity reflected that,” stated Cruz.
The new acquisition reflects Accurate’s ongoing commitment to playing a vital role in transforming neighborhoods and enhancing the lives of residents in markets with strong underlying fundamentals. The deal follows the developer’s recent site acquisitions in New Jersey, Philadelphia and Connecticut.
“We are delighted to expand our development footprint with this well-located site in Montclair which is often recognized as one of the most desirable places to live,” said Jack Klugmann, president and CEO of Accurate. “We look forward to delivering a new modern, residential option to this dynamic town that will complement its unique charm and character and appeal to both existing and new residents.”
JLL’s Capital Markets group 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 sales and 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.
About Bijou Properties
Founded in 1999 in Hoboken NJ, Bijou Properties designs, develops & manages the highest quality sustainable buildings, and has become a recognized leader in the field of green development along the Hudson Waterfront. Beyond its individual properties, Bijou Properties is focused on creating better neighborhoods and healthier environments for the community at large. More information can be found on the company website: www.bijouproperties.com.
Founded by Jack Klugmann in 2009, Accurate was built around the principle of providing quality construction to transform neighborhoods and the lives of those who live and work in the homes and buildings constructed. The company has earned a reputation for developing high-quality multifamily properties, including transit-oriented developments in key urban and suburban locations. Currently, Accurate is developing and leasing thousands of units in New Jersey, Connecticut, and Pennsylvania. www.accurate-re.com