JLL Capital Markets arranged a $49.5 million, 10-year, fixed-rate financing of Walnut Hill, a newly constructed, luxury multihousing rental community with 177 apartments located in Clark, according to a Monday announcement from the brokers.
JLL represented the borrower, an affiliate of Garden Communities, and procured the financing from Nationwide.
Newly built in 2023, the four-story, two-building, elevatored community features 149 market-rate apartments and 28 affordable residences across over 240,000 square feet. The property offers a unit mix of one-, two- and three-bedroom designs with private balconies/patios, hardwood floors, stainless steel appliances, granite countertops, designer finishes and full-size washers and dryers. Walnut Hill is also one of the most highly amenitized communities within the submarket, with a fitness center, a resort-style pool, a large clubhouse outfitted with lounges, a game room and more.
The property sits in one of the fastest-growing multihousing submarkets in northern New Jersey, due to an influx of institutional development and population growth. The community is located less than a one-minute drive to Garden State Parkway and offers proximity to the New Jersey Turnpike, Interstate 78 and Route 22. The property is less than two miles from Cranford Station, which features a connection to New York City’s Penn Station, and alternatively is just 20 minutes west of Lower Manhattan.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Evan Pariser, Managing Director Matthew Pizzolato and Vice President Jackie Ferrer.
