F inancial D igest F eaturing T ax I ssues /A ccounting
M id A tlantic Real Estate Journal — July 22 - August 18, 2022 — 5A
www.marej.com
$87.1M financing arranged for New Jersey multi-housing community JLL Capital Markets arranged the financing for the 258-unit Valley and Bloom in Montclair
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Bloom is conveniently situated in the main business district of the Township. The com- munity is located within one mile of two NJ Transit com- muter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is proximate to the Garden State Parkway, Route 23, I-280 and I-80. The property is also near Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Reservation. The JLL Capital Markets Debt and Equity Advisory team representing the borrow- er was led by senior managing directors Jim Cadranell and Jon Mikula and vice presi- dent Michael Lachs . “Valley and Bloom is a best- in-class asset that has per- formed extremely well. It was a pleasure to work with LCOR, Madison, and PGIM on this transaction,” said Cadranell. MAREJ
ONTCLAIR, NJ — JLL Capital Mar- kets has arranged
the $87.1 million financing of Valley and Bloom, a two- building, 258-unit, mixed-use multi-housing community in Montclair. In addition to the residential units, the property also includes 19,812 s/f of of- fice space, 19,921 s/f of retail space and an attached parking garage. JLL worked on behalf of the borrower, a joint venture be- tween LCOR, Inc. and Madi- son International Realty , to secure a seven-year, float - ing-rate loan through PGIM Real Estate , the $209.3 bil- lion real estate business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. , on behalf of its core strategy. The six-story Valley and Bloom consists of studio, one-, two- and three-bedroom units with hardwood flooring, Cae - sarstone countertops, center
Valley and Bloom
islands, full-size washers and dryers, stainless steel appliances, tile flooring in bathrooms and 9.5-foot ceil- ing heights. The property’s amenity package includes two fitness centers, two roof - top terraces with barbecue
grills, two courtyard lounge areas with fire pits, a resident lounge/club room, a Click Café, a children’s playroom and indoor bicycle storage. The ground floor office space is currently leased to Regus Corporation and Sotheby’s
International Realty. The re- tail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant. At 34 Valley Rd., Valley and
Cronheim Hotel Capital secures $22.0M acquisition financing for Doubletree to Embassy Suites Conversion in Plymouth Meeting, PA
We are excited to rebrand this hotel, offering high quality ac- commodations and added ser- vice value to our guests.” said Wayne West III, President and Chief Operating Officer, Newport Hospitality Group. Founded in 1991, New- port Hospitality Group, Inc. (NHG) is a leading hotel management company spe- cializing in select and full- service hotels. They operate more than 50 hotels across the United States. Their diverse portfolio includes indepen- dent boutique hotels and top brands such as Hilton, Marri- ott, Hyatt, Wyndham, Choice, and IHG. NHG takes pride in delivering superior owner returns, exceptional guest experiences, and rewarding hospitality careers. Services include new hotel develop- ment and acquisitions, local market sales, revenue man- agement, purchasing and capital renovation. MAREJ
PLYMOUTH MEETING, PA — Cronheim Hotel Capital (CHC) has secured $22.M for the acquisition of the DoubleTree Suites in Plymouth Meeting. The loan was originated with one of CHC’s balance sheet lender relationships. The buyer, Kingsbury Hos- pitality REIT I, plans to fully renovate the property and convert it to an Embassy Suites. The property is the only full-service hotel in Plymouth Meeting and is located near entertainment, shopping and dining at Plym- outh Meeting Mall as well as numerous corporate office spaces and Villanova Univer- sity. Kingsbury has engaged Newport Hospitality Group to manage the asset. David Turley , president of CHC, noted: “Business plan financing for hotels is receiving extra scrutiny in today’s lending environment.
DoubleTree Suites in Plymouth Meeting value for all involved. We look forward to many more transactions with them.” “This is a unique opportu- nity given the demand in the market and the hotel’s struc-
Through an extensive mar- keting effort, we’re pleased to have found Kingsbury attractive debt terms that will allow them to execute on their plans and create
tural elements – atrium-style layout and full-service din- ing outlets. Embassy Suites by Hilton continues to be a leading upscale all-suite hotel category for many travelers.
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