$28.48 million loan secured for multi-unit community development in Northern New Jersey
JLL Capital Markets announced that it has arranged $28.48 million in construction financing for 175 Morris St., an 85-unit apartment community located in Morristown, New Jersey.
JLL represented the borrower, The Hampshire Companies, in securing a three year fixed rate building loan through a life correspondent.
Units at the four-story 175 Morris St. will feature stainless steel appliances, engineered wood floors in living rooms, tiled bathrooms, quartz/granite countertops, integrated washers and dryers, and a system split system heating and cooling. The property will include modern amenities such as a fitness center, coworking space and 610 square feet of retail space for a cafe.
Located at 175 Morris St., the community is less than a five-minute walk from Morristown Station, which offers direct access to NY Penn Station via NJ Transit rail. This location offers proximity to I-287 and Route 24, allowing for convenient travel to local employment hubs such as Florham Park, Madison, Parsippany, Short Hills, MetroPark and Newark. The community is just five minutes from Morristown Medical Center and less than 20 minutes from Short Hills Mall. Plus, residents will be close to the restaurants, bars and historic sites of Morristown Green and the shops along South Street and Bank Street.
The JLL Capital Markets sales and advisory team representing the seller was led by senior managing directors Michael Klein and Jon Mikula.
“Demand for new luxury multi-unit housing in Morristown has increased since COVID as the town has attracted businesses and residents,” Mikula said.
“The lender was able to provide The Hampshire Companies with a unique structure that allowed them to maximize leverage at a blended rate that was extremely attractive to our client,” Klein added.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.