Sunday, August 30, 2020

JLL brokers $34 million loan for 920 Belmont Avenue development in North Haledon, NJ


JLL arranged construction financing for the development of a multi-housing property at 920 Belmont Avenue in North Haledon, NJ

MORRISTOWN, NJ – JLL Capital Markets announcedthe arrangement of a $34 million construction loan for the development of a multi-housing property at 920 Belmont Ave. in North Haledon, New Jersey.

Jon Mikula
JLL worked on behalf of the borrowers, Tulfra Real Estate and The Hampshire Companies, to secure the loan through Investors Bank. The development is expected to be completed in 2021.

The 180-unit, affordable luxury apartments will contain modern amenities including a fitness center, lounge area, coworking space, pet wash center, bike storage, outdoor pool and patio area with grilling stations and a fire pit.

The development is also conveniently located near northern and central New Jersey and New York City’s most prominent employment centers. 

Ideally situated for those wanting easy access to urban life, the property is within a five-mile radius of three train stations: Glen Rock Borough Hall, Hawthorne Station and Paterson Station with access to Hoboken, Jersey City and Manhattan.

 Nearby highways include New Jersey Route208, I-80, I-287 and The Garden State Parkway. Additionally, 920 Belmont Avenue is just 0.3 miles from William Paterson University and residents will benefit from a variety of shops, restaurants and entertainment that support the university. 

Michael Klein
The property is also located in the burgeoning Passaic County submarket, where multi-housing properties make up roughly 29.3% of the local market inventory with a total of 6,278 units across 112 properties.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein.

“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and The Hampshire Companies despite the difficult market conditions we are working in,” stated Klein. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”


“This project has been years in the making and will finally come to fruition due to the persistent efforts of the borrower,” continued Mikula. “Kudos to Investors Bank for helping us get to the finish line during COVID.”


 CONTACT:

Natalie Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307



JLL brokers $13 million loan to develop high-end 39Tenn apartments and retail in Denver, CO neighborhood



 Leon McBroom 
DENVER, CO – JLL Capital Markets announced it assisted in arranging a $12.99 million construction loan for 39Tenn Apartments, a 39-unit multi-housing and retail development located at 3870 Tennyson Street in the Berkeley neighborhood of Denver, Colorado. 

 JLL worked on the assignment on behalf of the borrower, Alpine Investments, to secure the construction loan with a Colorado-based bank.

JLL’s Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Brock Yaffe.

 The 39Tenn development will be a total of 36,278 square feet, consisting of 39 upscale units totaling 31,633 square feet sitting atop 4,645 square feet of retail space. The development is expected to be completed in late 2021.


Brock Yaffe
 Boasting a sophisticated, contemporary style, units will have high-end finishes, engineered hardwood flooring, quartz countertops, European-style solid-core cabinets with soft-close hardware, high-end appliances, energy-efficient LED lighting and efficient water-source heating and cooling systems in each unit.

 With a Walk Score® of 92, the development is located in one of Denver’s most sought-after neighborhoods.

The Tennyson Street corridor is a premiere entertainment district with various art galleries and retail options and has been recently acclaimed the “next hottest dining area,” due to its burgeoning restaurant scene.

 In addition to being an entertainment hotspot, the property is proximate to Denver’s largest employment centers, offering about 136,000 jobs, and positioned just five minutes from downtown.

The population within a one-mile radius of the property is 22,181, with a 1.76% estimated growth rate over the next five years.

For more news, videos and research resources on JLL, please visit our newsroom.


 CONTACT:

Natalie Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307