L ender ’ s D irectory
Real Estate Journal — November 8 - 21, 2019 — 5A
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M id A tlantic
Loan proceeds will fund the completion of renovation plan at Essex County property JLL arranges financing totaling $117.86M for New Jersey apartments
OSELAND, NJ — JLL has arranged f inanc ing t o ta l ing $117.86 million for Everly Roseland, a 360-unit apart- ment community located in Roseland. JLL worked on behalf of the borrower, Novel Prop- erty Ventures , to secure the $96.36 million senior loan through an international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management . Pro- ceeds from the financing were used to refinance the exist- ing loan and provide future funds to allow the borrower to complete its unit renovation program at the property. Everly Roseland is locat- ed at 28 Nob Hill Rd. with convenient access to I-80, 280 and 287 and the Garden State Parkway. Constructed between 1979 and 1980, the property is situated on 37.7 acres and includes a mix of one-, two- and three-bedroom floor plans. Amenities include a newly constructed club- house, modern fitness center, swimming pool, tennis court, grilling area, on-site dog park and individual unit garage parking. R HAMDEN, CT — Cron- heim Mortgage has ar- ranged $34.4 million in fi- nancing for Buildings 1-5 at Canal Crossing at Whit- neyville West, a seven-build- ing, 393-unit multifamily community when complete, situated on over 16 acres in Hamden. The loan was structured in two phases of $19.9 million for Phase I and $14.5 million and Phase II, both with a 20-year term and three years of interest- only payments followed by a 30-year amortization. The loans were both placed with one of Cronheim’s correspon- dent life companies for whom Cronheim acts as servicing agent. Canal Crossing at Whit- neyville West is being devel- oped inmultiple phases. Phase I, totaling 165 units, includes
pipeline for years to come.” Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. NETCONG, NJ — JLL has arranged $19.88 million in financing for the development of 34 Bank, a 126-unit, transit- oriented apartment property located in Netcong. JLL worked on behalf of the borrower, a joint venture be- tween CrownPoint Group , The Hampshire Compa- nies and Circle Squared Alternative Investments , to secure the 36-month, floating- rate construction loan through M&T Bank . 34 Bank will contain a total of 126 luxury units, of which 113 are market rate. Market- rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three- bedroom options. The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including I-80 and Rtes. 206 and 46, all of which are within
1.5 miles of the development. Due for completion in 2020, the property will provide an afford- able luxury option to supple- ment the area’s current supply of vintage, garden-style apart- ments and will offer resident’s several amenities, including a great room with business sta- tions, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations. Outdoor amenities include a community gathering space with fire pit and a walking path along the Musconetcong River. The JLL Capital Markets team representing the borrow- er was led by senior managing director JonMikula and man- aging director Michael Klein . “M&T put together very at- tractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing pro- cess,” Mikula added. “It was a pleasure to work with them on this transaction.” Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. fitness center, pet park and grooming area, playground, saltwater swimming pool, sundeck with cabanas, fire pits, bike racks, and a walk- ing trail. Uncovered surface and garage parking and car- ports are also available. The Subject is situated in an established, in-fill location with a minimal amount of de- velopable land. It is the only newmarket-rate multifamily development in the area since 2000. The property is a half- mile south of Exit 60 along Wilbur Cross Parkway / CT 15 and under 5 miles from downtown New Haven, CT. The site is located just off of the Route 10 retail corridor, home to a variety of national, regional, and local retail ten- ants including Walmart, T.J. Maxx, Dollar Tree, and Shop- Rite, among many others.
Everly Roseland
The JLL Capital Markets team representing the bor- rower was led by managing director Michael Klein and director Matthew Pizzolato . “The borrower has done a tremendous job implementing their capital renovation pro- gram since purchasing the as- set in January 2017,” Pizzolato said. “Both lenders recognized Novel’s proven success at the property and, as a result, we were able to team them up and negotiate extremely accretive financing that lowered the borrowers cost of capital while also providing them with a future funding facility to allow them to finish their renovation
program.” “JLL is thrilled about the execution of this transaction on behalf of Novel Property Ventures,” Klein added. “Rose- land and the surrounding area have a limited supply of quality class A multifamily communities. The amenities Novel has added to the prop- erty, the upgrades it has made to the individual units and the tranquil parklike setting that surrounds the property will enable the borrower to maintain Everly’s historically high occupancy and allow it to compete with recently com- pleted communities as well as new ones in the development
Cronheim secures $34.4 million for 280 multifamily units
the interest rate and fund the permanent mortgage several months prior. Building 4 is fully leased and Building 5 is close to stabilization. The subject units feature open floor plans, a private balcony or patio, 9-foot ceil- ings, in-unit washer and Canal Crossing at Whitneyville West
Buildings 1 through 3 and was completed in early 2018. Phase II encompasses 120 units in Buildings 4 and 5 which were delivered in December 2018 and August 2019, respectively. Despite the fact that Building 5 was delivered post-closing, Cronheim was able to lock
dryer, and stainless steel appliances. Units include studio, 1-bedroom, and 2-bed- room layouts ranging from 611 s/f to 1,075 s/f. Com- munity amenities include a clubhouse, business center, tenant storage, on-site man- agement and maintenance,
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