JLL arranges $89.5M development loan, $48.8M acquisition loan

JLL Capital Markets has arranged the financing for a pair of projects, it announced Tuesday.

In the first deal, the real estate services firm announced the closing of an $89.5 million loan for the development of the Harrison Yards multifamily housing community in Harrison.

The loan to Eastone Equities was provided by Invictus Real Estate Partners LLC. JLL worked with Invictus to arrange the funding, which will be used for completion of Phase I and predevelopment of Phase II of the project.

Phase I of the project at 700 Frank E. Rodgers Blvd., which is near completion, includes 205 apartments, amenities including a resident lounge and parking, and 7,670 square feet of retail space. Phase II will include another 898 apartments, 204,709 square feet of commercial space, a hotel and more parking.

The team working on the transaction was led by Scott Aiese and Peter Rotchford, managing directors, Alex Staikos, vice president, and Brendan Collins, analyst, JLL said.

“Harrison Yards will be a cornerstone of Harrison, located outside the PATH station and benefiting from the immediate transit connectivity,” Aiese said in a prepared statement. “Capital markets participants were excited by the luxury quality of Phase I, including expansive windows offering city views, oversized units, over 9’ ceiling heights and a full amenity package.”

A portion of the industrial portfolio. (JLL Capital Markets)

In the second deal, JLL arranged $48.8 million in financing for the acquisition of an 18-building industrial portfolio in the Meadowlands and nearby markets.

The firm said Cohen Asset Management has acquired the portfolio, which totals about 725,000 square feet. JLL worked on its behalf to place the seven-year, fixed-rate loan with Principal Real Estate Investors.

The properties are primarily single- and multitenant, shallow-bay industrial warehouses, ranging between 16,000 and 78,000 square feet. The 18 properties were fully leased at acquisition.

The team representing the borrower was led by Jon Mikula, senior managing director, and Michael Lachs, vice president, JLL said.

“This was an exciting acquisition to be part of, especially during COVID,” Mikula said in a statement. “Industrial continues to be in high demand by lenders and investors alike.”