Permanent financing secured for CENTURION UNION redevelopment
JLL Capital Markets arranged the loan for the Class-A building in Union, New Jersey
MORRISTOWN, N.J., October 6, 2020 – JLL Capital Markets announced today that it arranged permanent financing for CENTURION UNION, a newly constructed 80-unit luxury apartment building located at 975 Bonnel Court in the vibrant Union Center neighborhood of Union, New Jersey.
JLL worked on behalf of the borrower, American Landmark Development (“ALD”), to secure the long-term, fixed-rate loan through Provident Bank. ALD, the designated redeveloper for the Union Center redevelopment project, completed construction on the first phase of the multi-phased CENTURION UNION project in February of 2020. The building immediately received tremendous interest from a diverse group of potential renters and resulted in a swift lease-up period that allowed the borrower to take out its construction loan ahead of schedule.
The apartments feature spacious floorplans with nine-foot ceiling heights, wide wood-style plank flooring, vented in-home washer and dryers by GE, kitchens with full-size slate GE appliances, gas range stoves, island/peninsula work spaces and quartz countertops while baths are equipped with glass-enclosed showers, porcelain tile and chrome fixtures. Residents have access to various building amenities, including a fitness center, game room, resident lounge, flexible co-working space, children’s playroom, dog run and onsite parking. The property is located in the heart of downtown Union, just steps from an abundance of shops, restaurants and entertainment that line the Stuyvesant Avenue corridor.
“CENTURION UNION ushers in a new era for Union Center, where municipal efforts to create a vibrant new lifestyle experience along Stuyvesant Avenue have taken root,” said Manuel A. Fernandez, Founder of ALD. “As the first new residential building delivered in Union’s reimagined downtown in over three decades, CENTURION UNION delivers a modern residential opportunity to this flourishing and close-knit neighborhood, while placing residents just steps away from a diverse offering of dining, retail and conveniences.”
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Associate Max Custer.
“We are thrilled to aid American Landmark Development in securing long term fixed rate financing for CENTURION UNION, which will allow the company to continue with its strategic growth plan,” said Custer. “The Project’s rapid lease-up, particularly during the peak months of the COVID-19 pandemic is a testament to the building’s excellent location, quality finishes and the borrower’s hands on management team.”
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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About American Landmark Development
American Landmark Development is a full-service real estate development company. Founded in 2010, the company is focused on the acquisition, development, construction and management of Class A apartments in up and coming marketed throughout Northern and Central New Jersey. The company’s vertically integrated platform allows it to efficiently monetize new investments in expedited fashion. Over the past decade, American Landmark Development has successfully completed countless projects and continues to grow its portfolio within the region.