JLL announced Monday it has arranged $19.88 million in financing for the development of a transit-oriented apartment property in Morris County.
JLL’s Capital Markets team of Jon Mikula, senior managing director, and Michael Klein, managing director, worked on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments, to secure a 36-month, floating-rate construction loan through M&T Bank.
“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.
34 Bank, located in Netcong, will be comprised of 126 units — 113 of which are market rate. The market rate units will be a mix of one- and two- bedroom floor plans and the affordable units will feature one-, two- and three-bedroom options.
The property is within walking distance to the Netcong Train Station and downtown Netcong, and offers access to Interstate 80, and routes 206 and 46.
The project, which is slated for completion in 2020, will offer resident’s several amenities, including a great room with business stations, communal kitchen, gas fireplace, TVs, billiards room, a fitness center, electric car charging ports, a community gathering space, fire pits, on-site parking and more.
“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula said. “It was a pleasure to work with them on this transaction.”