JLL Capital Markets announced Nov. 24 that it has arranged the $62 million financing for the Tower Management Portfolio, a five-property, 541-unit multifamily portfolio spanning strategic locations across four North Jersey towns.
JLL represented the borrower, Tower Management Service, a real estate operating company that owns about 2,200 multi-family apartment units in garden style apartment communities located in New York State and New Jersey. The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
The portfolio consists of five garden style multifamily assets with strong occupancy performance and strategic locations that provide residents access to major employment centers and transportation corridors throughout the region.
The portfolio’s New Jersey assets are anchored by Spring Gardens Apartments in Summit, which was built in 1968 and consistently maintains a 97%+ occupancy rate. The New Jersey assets also include Omni Apartments. in Bergenfield, Arcadia Court Apartments, in Hackensack; and Park Engle Apartments, in Englewood.
“The portfolio’s diverse geographic spread and consistently strong occupancy rates of 96%-100% across all properties reflect both Tower Management’s exceptional asset management capabilities and the underlying resilience of these well-located suburban markets,” said Managing Director Thomas E. Didio, Jr.
These properties benefit from their proximity to New York City while offering residents more affordable housing options in established suburban communities. The New Jersey assets provide convenient access to major highways and public transportation, making them attractive to commuters working in Manhattan and throughout northern New Jersey.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Christian Badalamenti.
