JLL Capital Markets announced on Monday it has arranged construction financing for Iron Ore Properties to develop a mixed-use building in Maplewood.
The 25,000-square-foot building, located at 104 Baker St., will have 11 luxury apartments and approximately 3,500 square feet of retail and parking.
JLL’s Debt Placement team of Michael Klein, senior managing director, and Max Custer, associate, worked on behalf of Iron Ore Properties on the three-year loan with Provident Bank.
“With very few developable sites in downtown Maplewood, 104 Baker St. presents an outstanding opportunity to deliver new apartments and commercial space to a vibrant community,” Custer said. “Despite the ongoing COVID-19 environment, the project’s outstanding fundamentals allowed JLL to secure competitive development financing on behalf of the borrower.”
The property is located in the heart of downtown Maplewood and is a quarter mile from the NJ Transit train station. Once complete, it will exceed LEED standards and feature expansive windows, stainless steel appliances, recessed lighting, modern fixtures and more. Residents will also enjoy an indoor/outdoor rooftop terrace.
