$87.1M Financing Arranged for New Jersey Multi-Dwelling Community
JLL Capital Markets today announced that it has arranged $87.1 million in financing for Valley and Bloom, a 258-unit mixed-use multi-unit residential community in Montclair, New Jersey. In addition to the residential units, the property also includes 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage.
JLL worked on behalf of Borrower, a joint venture between LCOR, Inc. and Madison International Realty, to secure a seven-year variable rate loan through PGIM Real Estate, the real estate business of 209.3 billion from PGIM, the $1.4 trillion global group. the asset management business of Prudential Financial, Inc. (NYSE: PRU), on behalf of its core strategy.
The six-story Valley and Bloom consists of studio, one-, two-, and three-bedroom units with hardwood floors, Caesarstone countertops, center islands, full-size washers and dryers, stainless steel appliances, tiled floors in the bathrooms and 9.5 feet ceiling heights. The property’s amenity package includes two fitness centers, two rooftop terraces with barbecue grills, two courtyard lounges with fire pits, a residents’ lounge/club room, a Click Café, a game room for children and indoor bicycle storage. The ground floor offices are currently leased to Regus Corporation and Sotheby’s International Realty. The retail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T, and Sayola Restaurant.
At 34 Valley Rd., Valley and Bloom is conveniently located in the township’s main business district. The community is located less than a mile from two NJ Transit commuter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is close to the Garden State Parkway, Route 23 , Interstate 280 and Interstate 80. The property is also close to Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Preserve.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Vice Chairman Michael Lachs.
“Valley and Bloom is a blue chip asset that has performed extremely well. It was a pleasure to work with LCOR, Madison and PGIM on this transaction,” said Cadranell.
“There is a strong demand for new luxury multi-units in transit-oriented communities,” Mikula added.
“We are delighted to complete this transaction in partnership with JLL,” said Justin Levitt, Executive Director of Funding at PGIM Real Estate, who led the transaction on behalf of the company. “Multifamily continues to be a favored asset class and Valley and Bloom is a major draw for tenants and investors alike.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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