JLL Capital Markets on Wednesday said it arranged $45.5 million in loans for Tidewater Real Estate to refinance two multihousing communities totaling 321 units in Nutley and Palisades Park.
JLL worked exclusively on behalf of the borrower to place a $31.5 million loan for Village Manor and a $14 million loan for Palisades Manor through its correspondent relationship with John Hancock. Both fixed-rate loans have a 30-year self-liquidating term.
Village Manor is a garden-style apartment community featuring 227 one- and two-bedroom units ranging from 659 to 910 square feet. Built in 1950, units feature air conditioning, high-speed internet access, hardwood floors, laundry facilities, a playground, and walking and biking trails. The property is located in Nutley, Essex County, 14 miles from Manhattan. The community is within walking distance of buses into New York City and the train station.
Completed in 1935, the four-story Palisades Manor is a 94-unit, garden-style community in Palisades Park featuring studio, one- and two-bedroom units averaging 946 square feet. The mid-rise property is in the infill Bergen County Waterfront area one block from downtown retail areas and seven miles from Upper Manhattan. Additionally, the property offers easy access to nearby colleges and universities, including Yeshiva University, the City College of New York, and Manhattan School of Music.
The Capital Markets debt advisory team representing the borrower was led by Senior Managing Director Greg Nalbandian and Vice President Michael Lachs.
“We were pleased to place these long-term 30-year fixed rate loans through our correspondent relationship with John Hancock. These assets have outperformed their respective markets historically and have been very well maintained by the sponsor over the years. Our client took advantage of historically low interest rates and locked an extremely attractive rate for each asset for the next 30 years,” Nalbandian stated.
