$10.5M refinancing secured for multi-housing community in Essex County, New Jersey
JLL Capital Markets arranged the loan for Brookplace Luxury Apartments in Fairfield, NJ
MORRISTOWN, N.J., Nov. 9, 2021 – JLL Capital Markets announced today that it has arranged a $10.5 million refinancing for Brookplace Luxury Apartments (“Brookplace”), a 36-unit, luxury multi-housing community in Fairfield, New Jersey.
JLL worked on behalf of the borrower, 74 Passaic Avenue, LLC, to secure the 15-year, fixed-rate loan through National Life Group.
Brookplace Luxury Apartments was constructed by the borrower in August of 2020 and completed lease up within a few short months. The 100 percent occupied property consists of spacious, one- and two-bedroom units averaging 1,058 square feet. The apartments feature a balcony/patio, in-unit washer and dryers, stainless steel appliances, plank style floors and large walk-in closets while the community offers an outdoor grill and lounge area, private garages and storage units.
Situated at 74 Passaic Avenue, Brookplace offers tremendous regional access due to its proximity to Interstates 80 and 280, which are both within a five-mile drive of the property and provide efficient travel time to nearby employment centers including Morristown, Newark and Manhattan. Residents also enjoy convenient access to Route 46 and the Willowbrook Mall which are both within three miles of the property and are home to a variety of retailers and service providers.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Associate Gerard Quinn.
“We are pleased to have worked with the borrower and National Life Group on this financing opportunity,” Custer said. “The borrower constructed a first-class apartment community in a thriving location which resulted in a tremendous amount of interest amongst lenders. We look forward to working with both groups again in the very near future.”
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 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.