JLL Capital Markets announced Thursday that it arranged the $88.6 million construction financing and the $38 million equity placement for Canterly Place, a 300-unit, to-be-built, Class A apartment building located in Livingston.
JLL represented the sponsor, Okner Developers LLC, to secure the 10-year, fixed-rate construction loan through Northwestern Mutual. JLL also arranged the joint venture equity with Northwestern Mutual.
Canterly Place will feature 240 market-rate units and 60 affordable-rate units. The units will feature superbly designed one-, two- and three-bedroom floorplans with designer kitchens, hardwood-style flooring, oversized windows, walk-in closets, in-unit full-size washers and dryers. Community amenities will include a hotel-style lobby, an upscale clubroom, a library lounge, a private dining, a game room, a state-of-the-art fitness center, a coworking work-from-home lounge, a golf simulator, a resort-style pool, a paved walking path/fitness trail, a basketball court, a pickleball court and more.
Situated on Okner Parkway, Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby Interstates 280 and 287 and Route 24. Local retail amenities include numerous stores and shopping centers along the Route 10 retail corridor located just south of property.
The JLL Capital Markets Team was led by Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs.
“JLL is pleased to announce the successful capitalization of this exceptional project,” Cadranell said. “Northwestern Mutual recognized the outstanding investment characteristics of this development, which outweighed the current disruption in the capital markets. Canterly Place will be a first-class property that will enhance the quality of life of its residents and the surrounding community.”