New Jersey property gets construction financing for redevelopment
JLL Capital Markets arranged the financing for Iron Ore Properties
MORRISTOWN, N.J. – July 20, 2020 – JLL Capital Markets announced today it has arranged construction financing for Iron Ore Properties for the development of a 25,000-square-foot mixed-use building with 11 luxury apartments at 104 Baker Street in downtown Maplewood, New Jersey.
JLL worked on behalf of Iron Ore Properties to place the three-year loan with Provident Bank.
104 Baker Street is located in the heart of Maplewood’s vibrant downtown corridor and is just a quarter mile from the NJ Transit Train Station. The proposed development will include 11 luxury apartments and approximately 3,500 square feet of retail and parking. Upon completion, the building will significantly exceed LEED standards and feature condominium-style finishes including expansive windows, stainless steel appliances, recessed lighting, modern cabinetry and quartz countertops, among other new, modern finishes. Residents will also benefit from an expansive indoor/outdoor rooftop terrace and immediate access to Maplewood’s active commercial district which is home to a variety of boutique shops and first-class restaurants.
JLL’s Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Michael Klein and Associate Max Custer.
“With very few developable sites in downtown Maplewood, 104 Baker Street presents an outstanding opportunity to deliver new apartments and commercial space to a vibrant community,” stated Custer. “Despite the ongoing COVID-19 environment, the project’s outstanding fundamentals allowed JLL to secure competitive development financing on behalf of the borrower.”
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 Iron Ore Properties, LLC
Iron Ore Properties LLC, ("IOP") is a full service, vertically integrated Real Estate Development Firm located in Millburn, New Jersey. With combined experience of over 40 years in the industry, IOP's founders have worked throughout the northeast and have collectively developed and facilitated the development of thousands of residential homes (both rental and for sale) as well as millions of square feet of commercial buildings.