Tower Management Service L.P. lands $12M credit facility
JLL Capital Markets coordinates financing request for four properties in New Jersey and New York
MORRISTOWN, N.J., June 25, 2020 – JLL Capital Markets announced today that it has arranged a $12 million credit facility for Tower Management that will be secured by four separate properties.
The line of credit will include 97-99 Bayard Street in New Brunswick, New Jersey; Spring Gardens apartments in New Providence, New Jersey; Windsor Terrace apartment community in New Windsor, New York, and Paltz River apartments in Montgomery, New York.
JLL’s Capital Markets team representing the borrower was led by Thomas Didio and Zachary Chaikin.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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 Tower Management Service, L.P.
Tower Management Service, L.P. is a real estate operating company that owns approximately 2200 multifamily apartment units in approximately 20 garden style apartment communities located in New York State and New Jersey. The company's corporate office is located in River Edge, New Jersey, in a 7,500 square foot office building owned and primarily occupied by Tower. Tower employs approximately 60 people, 10 of which are located in River Edge. The remaining employees are located at the various sites, performing property management and maintenance functions. Tower is a Delaware Limited Partnership consisting of approximately 150 limited partners. Tower Management Service, Inc. is the sole General Partner. Senior management of the company owns approximately 18 percent of the Limited Partnership.