JLL Capital Markets on Wednesday said it arranged the $57.5 million financing of EVO, a 220-unit, newly built, luxury multihousing property located in downtown Englewood.
JLL represented the sponsorship, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors, to secure the eight-year, fixed-rate loan through the Guardian Life Insurance Group of America.
EVO features spacious studio, one- and two-bedroom residences with ceilings reaching 9 feet, chef-inspired kitchens with stone countertops, tiled backsplashes, stainless-steel appliances, plank flooring, oversized windows, walk-in closets, washers and dryers and private outdoor space in select homes. Community amenities include a resident lounge, coworking lounge, fitness center, yoga studio, outdoor swimming pool, outdoor bar and barbecue lounge seating, club room, fire pits and a pet spa.
Located at 40 Bennett Road, EVO offers exceptional highway access to New York City, as well as New Jersey’s most traveled commuter thoroughfares. Situated on the westbound side of Route 4, the community provides direct connections to the George Washington Bridge, Interstate 80, Route 17 and the Garden State Parkway in just five minutes. The entrance to the New Jersey Turnpike is located just over one mile from the property, and the Palisades Interstate Parkway and Interstate 80 are within five minutes of the property.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula, associate Gerard Quinn and analyst Benjamin Morgenthal.
“JLL is pleased to have secured financing for EVO as the project evolved, starting with the construction loan we placed on the property in 2019 and now coming full circle to secure permanent financing as the property stabilizes,” Klein said.
“EVO has been a tremendous success and addition to downtown Englewood,” Mikula stated. “Guardian was able to quickly understand nuances of the project and lock down this transaction in a fast-moving capital markets environment.”