JLL secures $43M in financing for Morris County apartments

By Emily Bader
Morris Plains | Aug 21, 2019 at 10:09 am

JLL announced Tuesday it has arranged $43 million in financing for a luxury apartment community in Morris Plains.

Signature Place is a 197-unit apartment complex located at 250 Johnson Road on a formerly vacant Mack-Cali office site. It has a mix of one-, two- and three-bedroom units with high-end finishes and wood floors, tiled bathrooms, Moan fixtures, USB ports, and private balconies or terraces.

JLL’s Capital Markets team of Jon Mikula and Greg Nalbandian, senior managing directors; and Andrew Zilenziger and Carlos Silva, analysts; worked on behalf of Mack-Cali Realty Corp., acting on behalf of Roseland Residential Trust, to place a five-year, fixed-rate loan with Nationwide Life Insurance Co. The loan will replace an existing construction loan.

“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” Nalbandian said. “Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.”

The community has a variety of resort-like amenities, including an outdoor pool with a hot tub; a club room with a fireplace, lounges, billiards and shuffleboard; a movie theater; two conference rooms; a golf simulator; fitness center; tennis courts; alfresco social venue with fire pit, TV, gas grills and dining areas; a dog run and pet spa; and a walking trail.

The property, which was completed in 2018, is within close access to the Morris Plains train station, interstates 287 and 80, and Route 10.

Emily Bader | ebader@roi-nj.com | emilybader