JLL Capital Markets recently said it arranged a $47 million in construction financing for the development of an approximately 300-unit apartment community in Burlington County,.
JLL worked on behalf of the borrower to secure the three-year, floating-rate loan through Wells Fargo.
Upon an anticipated completion of Q2 of 2024, the property will offer one-, two- and three-bedroom floorplans with an average unit size of 971 square feet. Unit features and finishes will include hardwood-style flooring throughout living spaces, carpet flooring in bedrooms, stainless-steel appliances, quartz countertops, soft-close cabinetry, tile backsplash, modern lighting fixtures and high-efficiency washers and dryers. The best-in-class amenity package will feature a state-of-the-art fitness center, business center, swimming pool, courtyard lounge, outdoor grilling stations, dog parks and walking trails.
Located in Burlington County, the apartment community will provide residents quick and convenient access via Interstate 295 and Route 130 to the nearly 7 million square feet of office space in Burlington County and just 20 miles away from Center City, Philadelphia. Nearby retail options include Liberty Square Center, Towne Crossing Shopping Center and the Aldi-anchored Larchmont Commons.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Matthew Pizzolato, Michael Klein and Salvatore Buzzerio.
“We saw a tremendous amount of interest from the lending community for this deal given the strength of the sponsorship and their proven track record in the market,” Pizzolato stated.
“We were thrilled to be a part of this transaction and help our client continue to grow their multi-housing portfolio in the region. Wells Fargo was great to work with and quickly understood the demand in the market for this type of product,” Klein said.