JLL Capital Markets announced this week that it has secured a $15.4 million refinancing of The Clair, a new 40-unit community in Montclair, one of the most coveted markets in New Jersey.
JLL represented the borrower, Hampshire Real Estate Companies, in arranging the five-year, fixed-rate loan through National Life Group.
The Clair, a four-story apartment community built in 2024, offers studios, one-, two- and three-bedroom units with four designated as affordable housing. The apartments feature walk-in closets, spacious floor plans, stainless steel appliances and in-unit washers and dryers. Community amenities include a resident lounge, rooftop terrace, courtyard with grilling stations and remote workspaces.
Located at 37 Orange Road, The Clair is near both the Bay Street and Walnut Street NJ Transit train stations, providing quick access to New York’s Penn Station. The community also benefits from its proximity to the Garden State Parkway, Interstate 280 and the retail/commercial corridors of routes 10, 3 and 46.
“The Clair represents exactly the type of high-quality, well-located asset that lenders are eager to finance in today’s market,” commented JLL Senior Director Michael Klein. “Its prime location near multiple transit options and within one of New Jersey’s most desirable communities, combined with the sponsor’s strategic vision for value enhancement, made this an attractive financing opportunity for National Life Group.”
Montclair is one of New Jersey’s wealthiest municipalities with an average household income of $224,821 and home values exceeding $900,000. The 40,425-resident community spans 6.3 square miles and is known for its robust downtown, arts scene and diverse population. Montclair consistently ranks among New Jersey’s best places to live in media outlets because of its high quality of life, excellent education system and convenient access to New York City.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Directors Michael Klein and Jon Mikula and Analyst Michael Donohoe.
