JLL Capital Markets has arranged the $10.5 million refinancing of a luxury apartment complex in Fairfield, it announced this week.
The refinancing of Brookplace Luxury Apartments was conducted on behalf of 74 Passaic Avenue LLC, and saw JLL secure a 15-year, fixed-rate loan through National Life Group.
The 36-unit community at 74 Passaic Ave. was built by the borrower in August 2020 and is 100% occupied.
The debt team that represented the borrower was led by Michael Klein, senior managing director; Max Custer, director; and Gerard Quinn, associate.
“We are pleased to have worked with the borrower and National Life Group on this financing opportunity,” Custer said in a prepared statement. “The borrower constructed a first-class apartment community in a thriving location, which resulted in a tremendous amount of interest amongst lenders. We look forward to working with both groups again in the very near future.”