$28.48M loan secured for Northern New Jersey multi-housing community development
JLL Capital Markets arranged the construction financing for 85-unit 175 Morris Street in Morristown, NJ
MORRISTOWN, N.J., April 5, 2022 – JLL Capital Markets announced today that it has arranged $28.48 million in construction financing for 175 Morris St., an 85-unit apartment community located in Morristown, New Jersey.
JLL represented the borrower, The Hampshire Companies, to secure a three-year, fixed-rate construction loan through a correspondent life insurance company.
The units of the four-story 175 Morris St. will feature stainless steel appliances, engineered wood flooring in living rooms, tiled bathrooms, quartz/granite countertops, in-unit washers and dryers and a split system heating and cooling system. The property will include modern amenities such as a fitness center, coworking space and 610 square feet of retail space for a café.
Located at 175 Morris St., the community is less than a five-minute walk to the Morristown train station, which provides direct access to NY Penn Station via the NJ Transit rail. This location offers proximity to I-287 and Route 24, allowing convenient commutes to local employment hubs such as Florham Park, Madison, Parsippany, Short Hills, MetroPark and Newark. The community is only five minutes from Morristown Medical Center and less than 20 minutes from The Mall at Short Hills. Additionally, residents will be near the restaurants, bars and historical landmarks on the Morristown Green and the shopping along South Street and Bank Street.
The JLL Capital Markets Debt Advisory team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula.
“Demand for new luxury multi-housing in Morristown has increased since COVID, as the city has attracted business and residents alike,” Mikula said.
“The lender was able to provide The Hampshire Companies with a unique structure that enabled them to maximize leverage at a blended rate that was extremely attractive to our client,” Klein added.
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 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshirere), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).