JLL announced Tuesday it has arranged $117.86 million in financing for Everly Roseland, a 360-unit apartment complex in Roseland.
The commercial real estate firm said Michael Klein, managing director, and Matthew Pizzolato, director, worked on behalf of the borrower, Novel Property Ventures, to secure a $96.36 million senior loan through an undisclosed international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management. Proceeds from the financing were used to refinance the existing loan and provide future funds for unit renovations.
“The borrower has done a tremendous job implementing their capital renovation program since purchasing the asset 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.”
Everly Roseland is situated on 37.7 acres and located at 28 Nob Hill Road within close access to interstates 80, 280 and 287 and the Garden State Parkway. It has a mix of one-, two- and three-bedroom floor plans with amenities such as a clubhouse, fitness center, swimming pool, tennis court, grill area, dog park, individual garage parking, and more.
“JLL is thrilled about the execution of this transaction on behalf of Novel Property Ventures,” Klein said. “Roseland and the surrounding area have a limited supply of quality Class A multifamily communities. The amenities Novel has added to the property, the upgrades it has made to the individual units and the tranquil park-like setting that surrounds the property will enable the borrower to maintain Everly’s historically high occupancy and allow it to compete with recently completed communities as well as new ones in the development pipeline for years to come.”