8C — April 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
JLL Capital Markets secures $77.5M in financing
New community to introduce 177 luxury apartments Garden Communities reaches construction milestone
LARK, NJ — Wal - nut Hill in Clark has reached a notable prog - ress milestone. Developer Garden Communities recently completed the new multifam - ily community’s building fa - çades and launched interior construction work. Walnut Hill will introduce 177 luxury rental apartments and a full complement of life - style amenities. Located just off the Garden State Parkway at 35 Walnut Ave., the com - munity represents a fresh, upscale housing option in a market with limited new construction. Walnut Hill is progressing toward a mid- 2023 delivery. Graciously sized one- and two-bedroom apartments range from 942 to 1,964 square feet. All include a private balcony or patio, gourmet kitchens, oversized closets, and in-suite washers and dryers. Select two-bedroom floorplans feature a fireplace. Walnut Hill’s clubhouse – with an entertainment lounge, game room, fitness center and outdoor swimming pool – will foster an active lifestyle at the pet-friendly community. Walnut Hill’s desirable Union County location and nearby conveniences provide a distinct market advantage, C
Northern Liberties
and Brown Street, within the trendy Northern Liberties neighborhood, a major enclave of young professionals, artists and design professionals. The site is strategically located less than .25 miles from the Spring Garden subway station on the Market-Frankford line, provid - ing tenants convenient access to Center City Philadelphia in less than 10 minutes. In addi - tion, the development sits east of I-95 North, offering proxim - ity to the North on-ramp, and just 1.2 miles from the entrance to the Ben Franklin Bridge, allowing connectivity to New Jersey. The JLL Capital Markets Debt Advisory team was led by senior managing directors Michael Klein and Ryan Ade , senior director Thomas E. Didio, Jr. , director Ge- rard Quinn and associate Blaine Fleming . “JLL is pleased to work along - side Saxum to help capitalize their second multi-housing de - velopment in the Philadelphia market. We are excited to see them execute on their vision for the project,” said Didio Jr. “The lender was able to recognize the exciting opportunity and did a great job closing this non- recourse construction loan dur - ing a challenging time in the debt capital markets.” MAREJ
PHILADELPHIA, PA — JLL Capital Markets an - nounced that it has arranged $77.5 million in construction financing for a 279-unit, seven- story, luxury multi-housing development with 8,449 s/f of ground-floor retail, locat - ed in the Northern Liberties neighborhood of Philadelphia, Pennsylvania. This project will the first phase of a two- phased development totaling 466 units and approximately 15,000 square feet of retail. JLL worked on behalf of the borrower, Saxum Real Es- tate , to secure the three-year, floating-rate loan through a U.S. life insurance company. The development of the first phase will consist of 42 studio units, 187 one-bedroom units, 45 two-bedroom units and five three-bedroom units with spacious floorplans, private balconies, large windows, stain - less steel appliances, quartz countertops and luxury vinyl tile flooring. After completion of both phases, community amenities will include cafés, co-working spaces, a state-of- the art fitness/wellness center and pool tables. Situated at 711-735 N. Front St., the property spans two full city blocks, bordered be - tween Front Street, Delaware Avenue, Fairmount Avenue
Walnut Hill in Clark
according to Garden Commu - nities’ Tony DiGiovanni , the project’s developer. “Walnut Hill will provide a new style of contemporary living in the heart of a vibrant suburban township,” he said. “This is a highly anticipated rental prop - erty that has been embraced by the Clark community from the start.” Clark’s tranquil, small-town feel earned it a spot in 2022’s Niche.com ranking of “Best Places to Live in New Jersey.” Walnut Hill’s proximity to Clark Commons, anchored by Whole Foods, provides an abundant array of shops and restaurants for the commu - nity’s future residents. The bustling towns of Westfield
and Cranford are also nearby. Walnut Hill represents Gar - den Communities’ second Clark development. DiGiovanni also led the team behind the firm’s successful Woodcrest at Clark, a lifestyle rental community for active adults aged 55 and older. As one of the region’s most active developers in its high-end niche, Short Hills- based Garden Communities has a robust multifamily proj - ect pipeline that will introduce dozens of new communities in the tri-state area over the next several years. The company is recognized for its responsive, hands-on approach to property operations, and its focus on meeting the needs and desires of modern renters. MAREJ
SCOPE Trades pre-stabilized Fishtown asset for $9.36M
PHILADELPHIA, PA — Scope Commercial Real Es- tate Services, LLC (SCOPE) has announced the sale of The Yellowjacket, a corner mixed-use asset featuring 24 residential units over 5,010 s/f of ground floor commer - cial located in the Fishtown neighborhood of Philadelphia. The property sold for $9.36M, equating to $390,000 per unit. The property was traded pre- stabilization. Phil Sharrow, managing director at SCOPE, and Fahd Malik , director, represented the buyer and seller. The seller, a local developer, was in the final stages of construc - tion at the time of the sale. The buyer, a regional family office in a 1031 exchange, purchased the property in an allcash transaction. “This deal transpired through long-standing rela - tionships our firm has with both parties,” said Sharrow. “We were able to structure a cash transaction to stream -
Colliers Engineering & Design completes the rebrand of KFW Engineers + Surveying
national platform, relationships, and resources to assist our cli - ents in fully optimizing their opportunities and aspirations,” said Steven Krauskopf, PE , managing partner at KFW. CED will maintain KFW’s senior leadership and values. Reinforced by more than 15 years of experience and local knowledge in the Texas region, their reputation for excellence will continue to be a priority in helping clients reach their goals. MAREJ
HOLMDEL, NJ — Colliers Engineering & Design (CED) announced the rebranding of San Antonio-based KFW En- gineers + Surveying (KFW) to Colliers Engineering & Design . In 2022, CED a lead - ing, multi-discipline engineer - ing, architecture consulting and design firm, acquired KFW creating a unique partnership enabling both firms to realize their growth objectives. “We are excited to leverage CED’s well-known and respected
The Yellowjacket
line the transfer as it can get tricky closing a property that’s still being built and yet to be stabilized.” The Yellowjacket, designed in collaboration between the seller and Ambit Architec - ture, features true designer finishes and amenities that include a roof deck, an onsite fitness center, and parking. The residential program of -
fers multiple one and two- bedroom floorplans varying in size up to 1,100 s/f. The 5,010 s/f ground floor commercial space, with visibility along primary thoroughfares at the corner of Frankford Ave. and E Susquehanna Ave., will add to the growing Frankford Ave amenity-driven retail growth. “Our exchange buyer pool has become increasingly valu -
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