Multihousing asset buy in North Jersey financed for $54M

JLL Capital Markets on Monday said it arranged a $54 million loan for Mill Creek Residential Trust LLC and Cigna Investment Management to acquire the Montclair Residences at Bay Street Station, a 163-unit, transit-oriented multihousing community in Montclair.

JLL secured the five-year, term SOFR-based, floating-rate loan for the joint venture through Natixis Corporate & Investment Banking. JLL also represented the seller in this transaction.

Constructed in 2009, the institutionally owned community consists of seven studio apartments, 108 one-bedroom apartments and 48 two-bedroom residences. The units feature granite countertops, stainless steel appliances, full-size washers and dryers, marble vanities, individual HVAC and ceramic and carpet flooring. The amenity package includes a heated swimming pool with a sundeck, a barbeque and firepit lounge, a state-of-the-art fitness center, a covered parking garage, a resident’s lounge, an internet café and direct access to Bay Street Station.

The property is located in downtown Montclair, which offers an urban culture in a suburban location. The community provides residents with access to a commercial thoroughfare consisting of grocery stores, highly rated restaurants and high-end boutique shops. In addition, the location at Bay Street train station provides access to Midtown Manhattan within 35 minutes and Newark within 10 minutes.

The JLL Capital Markets Debt Placement team representing the borrower was led by Andy Scott, Matthew Pizzolato, Thomas E. Didio Jr. and Gerard Quinn.

“We saw significant interest from the lending community, given the premier institutional sponsorship and the property’s location in downtown Montclair,” Pizzolato said. “Natixis stepped up to offer attractive terms that will allow our client to execute on their business plan.”