$49.5M financing secured for newly built multi-housing community in Northern New Jersey
JLL Capital Markets arranged permanent financing for the 177-apartment Walnut Hill in Clark
NEW YORK CITY, Nov. 20, 2023 – JLL Capital Markets announced that it has arranged the $49.5 million 10-year, fixed-rate financing of Walnut Hill, a newly constructed, luxury multi-housing rental community with 177 apartments located in Clark, New Jersey.
JLL represented the borrower, an affiliate of Garden Communities, and procured the financing from Nationwide.
Newly built in 2023, the four-story, two-building, elevatored community features 149 market-rate apartments and 28 affordable residences across over 240,000 square feet. The property offers a highly curated unit mix of one-, two- and three-bedroom designs with private balconies/patios, hardwood floors, stainless steel appliances, granite countertops, designer finishes and full-size washers and dryers. Walnut Hill is also one of the most highly amenitized communities within the submarket, with a fitness center, a resort-style pool, a large clubhouse outfitted with lounges and a game room and more.
The property sits in one of the fastest-growing multi-housing submarkets in Northern New Jersey due to an influx of institutional development and population growth. The community is located less than a one-minute drive to Garden State Parkway and offers proximity to the New Jersey Turnpike, Interstate 78 and U.S. Route 22. The property is less than two miles from Cranford Station, which features a connection to New York City’s Penn Station, and alternatively is just 20 minutes west of Lower Manhattan.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Evan Pariser, Managing Director Matthew Pizzolato and Vice President Jackie Ferrer.
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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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Garden Communities
As one of the region’s most active developers in its high-end niche, Short Hills, N.J.-based Garden Communities has a robust multifamily project pipeline that will introduce dozens of new communities in the tri-state area over the next several years. The company is recognized for its responsive, hands-on approach to property operations, and its focus on meeting the needs and desires of modern renters.