JLL arranges pair of financing deals — $30M for office sale, $12M for apartment refi

JLL Capital Markets has arranged a pair of recent financing deals, it announced—for the acquisition of a Florham Park office building and the refinancing of a new Somerset multifamily property.

In the Florham Park deal, JLL arranged $30.01 million in financing for 180 Park Ave., a 228,350-square-foot, Class A property owned by a joint venture of Vision Properties and the Birch Group.

JLL first announced the deal in October. It has now placed a three-year, floating-rate acquisition loan through CBRE Global Investors. Greg Nalbandian, senior managing director, led the financing effort.

“This nonrecourse financing demonstrates there is still very attractive debt capital for best-in-class sponsors who have a proven track record, despite the market headwinds created by COVID,” he said in a prepared statement. “CBRE Global Investors did an outstanding job recognizing the merits to this financing and delivered a market-leading deal.”

745 Hamilton, Somerset. (JLL)

In the Somerset deal, JLL arranged $12 million in refinancing for the newly constructed 745 Hamilton apartments, a property that includes 61 one- and two-bedroom luxury units and 4,322 square feet of ground-floor retail.

JLL worked on behalf of owner Country Classics at Hamilton to secure the 12-year, fixed-rate loan through Nationwide Life Insurance Co. The team representing the borrower included Jim Cadranell, senior managing director; Matthew Pizzolato, director; and Michael Lachs, vice president.

“We were happy to help our client secure long-term, fixed-rate financing with one of our correspondent life company relationships,” Pizzolato said in a statement. “Country Classics did a fantastic job developing 745 Hamilton, and Nationwide recognized this and offered attractive terms while the property was still in lease-up.”