$10M in joint venture equity arranged for multihousing redevelopment site in Montclair

JLL Capital Markets said Monday that it arranged $10 million in joint venture equity for the acquisition of 65 Church St., the fully approved redevelopment site in Montclair. The project will include 74 apartment units and 3,873 square feet of retail space in downtown Montclair.

JLL worked on behalf of Bijou Properties LLC and Accurate.

The four-story property will feature 34 one-bedroom, 30 two-bedroom and two three-bedroom market residential units. The site is also approved for one, one-bedroom, five, two-bedroom and two, three-bedroom affordable residential units. Numerous amenity spaces will include a rooftop deck with views of the New York skyline, a bicycle room, indoor lounge, fitness room and a package room. The property will accommodate 112 vehicles across two levels.

Situated at 65 Church St., the property is less than one mile from the New Jersey Transit Walnut Street and Bay Street stations, with train service to New York Penn Station on the Montclair-Boonton line in less than 40 minutes. The site is also proximate to Interstate 280, the Garden State Parkway and Interstate 95, providing residents access throughout the tri-state region. Additionally, the location offers a Walk Score of 92.

The JLL Capital Markets Investment Advisory team representing Bijou was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Director Ryan Robertson, Managing Directors Michael Oliver and Steve Simonelli and associate Michael Zlotnick.

“We have seen significant demand for multihousing development sites in New Jersey, especially in infill markets throughout the state. Montclair is one of the most desirable submarkets, and the activity reflected that,” Cruz stated.

The new acquisition reflects Accurate’s ongoing commitment to playing a vital role in transforming neighborhoods and enhancing the lives of residents in markets with strong underlying fundamentals. The deal follows the developer’s recent site acquisitions in New Jersey, Philadelphia and Connecticut.

“We are delighted to expand our development footprint with this well-located site in Montclair, which is often recognized as one of the most desirable places to live,” Jack Klugmann, CEO and president of Accurate, said. “We look forward to delivering a new modern, residential option to this dynamic town that will complement its unique charm and character and appeal to both existing and new residents.”