$45.5MM refinancing secured for Village Manor and Palisades Manor
JLL Capital Markets arranged the loans for Tidewater Real Estate to refinance two multi-housing communities in Nutley and Palisades Park, New Jersey
MORRISTOWN, December 1, 2021 – JLL Capital Markets announced today that it has arranged $45.5 million in financing for two multi-housing properties totaling 321 units in the northern New Jersey communities of Nutley and Palisades Park, New Jersey.
JLL worked exclusively on behalf of the borrower, Tidewater Real Estate, to place a $31.5 million loan for Village Manor and a $14 million loan for Palisades Manor through its correspondent relationship with John Hancock. Both fixed-rate loans have a 30-year self-liquidating term.
Village Manor is a garden-style apartment community featuring 227 one- and two-bedroom units ranging from 659 to 910 square feet. Built in 1950, units feature air conditioning, high-speed internet access, hardwood floors, laundry facilities, a playground, and walking and biking trails. The property is located in Nutley, Essex County, 14 miles from Manhattan. The community is within walking distance of buses into New York City and the train station.
Completed in 1935, the four-story Palisades Manor is a 94-unit, garden-style community in Palisades Park featuring studio, one- and two-bedroom units averaging 946 square feet. The mid-rise property is in the infill Bergen County Waterfront area one block from downtown retail areas and seven miles from Upper Manhattan. Additionally, the property offers easy access to nearby colleges and universities, including Yeshiva University, The City College of New York, and Manhattan School of Music.
The Capital Markets debt advisory team representing the borrower was led by Senior Managing Director Greg Nalbandian and Vice President Michael Lachs.
“We were pleased to place these long-term 30-year fixed rate loans through our correspondent relationship with John Hancock. These assets have outperformed their respective markets historically and have been very well maintained by the sponsor over the years. Our client took advantage of historically low interest rates and locked an extremely attractive rate for each asset for the next 30 years,” stated Nalbandian.
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 $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.
About Tidewater Real Estate Company
A “Best in Class” operator, Tidewater Real Estate Company and Tidewater Management Company. Operates a portfolio of approximately 1,000 apartment units located through Bergen and Essex Counties. The Company has over 60-years of successful experience operating in the Northern New Jersey market. A vertically integrated organization, the Company handles all aspects of operations.
About John Hancock
John Hancock has helped individuals and institutions build and protect wealth since 1862. Today, they are one of the strongest and most-recognized financial brands. John Hancock Investment Management, a company of Manulife Investment Management, serves investors globally through a unique multimanager approach: They search the world to find proven portfolio teams with specialized expertise for every strategy they offer, then they apply robust investment oversight to ensure they continue to meet their uncompromising standards and serve the best interests of their shareholders. Their approach to asset management has led to a diverse set of investments deeply rooted in investor needs, along with strong risk-adjusted returns across asset classes.