JLL helps secure $20M construction financing for multifamily development in Millburn

JLL Capital Markets on Tuesday said it helped secure and close $20 million in construction financing for 397 Millburn Ave., a 53-unit, three-story luxury apartment development in Millburn.

JLL worked on behalf of the borrowers, Eagle Cliff Real Estate Partners and MRY Associates, to secure the three-year, floating-rate loan through Provident Bank.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula and analyst Salvatore Buzzerio.

With an anticipated completion in early 2024, the property will be developed to LEED standards, contain an underbuilding parking garage for residents and offer unique unit layouts, some with private outdoor balconies and some with direct external stoop entrances.

Additionally, the one- and two-bedroom units will feature stainless steel appliances, quartz countertops, chef-inspired kitchens, in-unit washers and dryers, walk-in closets and 9-foot ceilings. Community amenities will include hospitality-inspired common areas, a spacious clubroom with wet bar, a luxurious private event room, a state-of-the-art fitness center and an outdoor courtyard.

Ideally situated in the heart of Millburn Township, the asset will offer residents access to the area’s diverse restaurants, fine wine shops, art galleries, beauty salons, clothing stores, pharmacies and more.

The property is proximate to Taylor Park, a 13-acre community park offering residents outdoor space and recreational activities, and just a 10-minute drive to the Mall at Short Hills. The community also will provide convenient options for commuters with New Jersey Transit’s Millburn train station just 0.5 of a mile away, allowing travel to New York Penn Station in 45 minutes and easy access to Interstate 78 and the Garden State Parkway.

“Transit-oriented communities such as Millburn are in need of new, high-end multihousing options,” Mikula said. “Eagle Cliff and MRY will be providing an amazing project that will help transform downtown Millburn.”