JLL Capital Markets arranged $87.1 million financing of Valley and Bloom, a two-building, 258-unit, mixed-use multihousing community in Montclair, according to a Tuesday announcement from the brokerage.
In addition to the residential units, the property also includes 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage.
JLL worked on behalf of the borrower, a joint venture between LCOR Inc. and Madison International Realty, to secure a seven-year, floating-rate loan through PGIM Real Estate.
The six-story Valley and Bloom consists of studio, one-, two- and three-bedroom units with hardwood flooring, Caesarstone countertops, center islands, full-size washers and dryers, stainless steel appliances, tile flooring in bathrooms and 9.5-foot ceiling heights. The property’s amenity package includes two fitness centers, two rooftop terraces with barbecue grills, two courtyard lounge areas with fire pits, a resident lounge/club room, a Click Café, a children’s playroom and indoor bicycle storage.
The ground floor office space is currently leased to Regus Corp. and Sotheby’s International Realty. The retail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant.
Located at 34 Valley Road, Valley and Bloom is conveniently situated in the main business district of the township. The community is located within one mile of two New Jersey Transit commuter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is proximate to the Garden State Parkway, Route 23, Interstate 280 and Interstate 80. The property is also near Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Reservation.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Vice President Michael Lachs.
“Valley and Bloom is a best-in-class asset that has performed extremely well. It was a pleasure to work with LCOR, Madison and PGIM on this transaction,” Cadranell stated.
“Demand is strong for new luxury multihousing in transit-oriented communities,” Mikula added.
