JLL Capital Markets arranged $11.5 million in permanent refinancing for The Beacon at Summit, a 37-unit multi-housing community located in Summit, according to a Monday announcement.
JLL represented the borrower, New Darlington LLC, to secure a 10-year, fixed-rate, non-recourse refinancing loan, through Investors Bank.
Consisting of two newly renovated buildings and one newly built building, The Beacon at Summit offers a mix of one-, two- and three-bedroom residences with in-unit washer and dryer units, quartz countertops, luxury wood flooring, gas cooking, walk-in closets and oversized windows. Community amenities include a rooftop terrace, a fitness center, a resident club room, an outdoor courtyard space, a bike and resident storage and below-ground automated parking.
Located at 123-127 Summit Ave., the community is situated in the heart of downtown Summit and offers residents access to the retail within the district, including specialty shops, clothing stores, diverse restaurants and entertainment options. The community is within two miles of The Mall at Short Hills, one of the finest upscale retail malls in the country. Additionally, the property is just a five-minute walk from the Summit Train Station, which provides transportation to New York Penn Station in 45 minutes. By car, New York City is just 30 minutes away and the Newark Liberty International Airport can be reached in 20 minutes.
The JLL Capital Markets Advisory Team representing the borrower was led by Jon Mikula, Jake Moore and Salvatore Buzzerio.