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| Rendering of 34 Bank, a 126-unit, transit-oriented apartment property located in Netcong, Morris County, NJ |
MORRISTOWN, NJ, Sept. 23, 2019 – JLL announces it has arranged $19.88 million in financing for the development of 34 Bank, a 126-unit, transit-oriented apartment property located in Netcong, Morris County, New Jersey.
JLL worked on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments, to secure the 36-month, floating-rate construction loan through M&T Bank.
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| Jon Mikula |
34 Bank will contain a total of 126 luxury units, of which 113 are market rate.
Market-rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three-bedroom options.
The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including Interstate 80 and Routes 206 and 46, all of which are within 1.5 miles of the development.
Due for completion in 2020, the property will provide an affordable luxury option to supplement the area’s current supply of vintage, garden-style apartments and will offer resident’s several amenities, including a great room with business stations, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations.
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| Michael Klein |
Outdoor amenities include a community gathering space with fire pit and a walking path along the Musconetcong River.
The community will also feature on-site parking and optional private garages.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jon Mikula and Managing Director Michael Klein.
“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.
“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula added. “It was a pleasure to work with them on this transaction.”
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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| Jeffrey Sica |
About Circle Squared Alternative Investments
Circle Squared is a registered investment adviser with SEC and was founded in 2014 by Jeffrey Sica to work with a finite group of high-net-worth individuals and family office investors to help them find alternative market investments, primarily in private equity real estate deals.
Led by a team with decades of experience, Circle Squared or its affiliates have been a joint venture member, consultant or otherwise involved with over $800 million in real estate developments and transactions since its founding.
Contact:
Olivia Hennessey
JLL Public Relations Specialist
Phone: +1 713 852 3403
Email: Olivia.Hennessey@am.jll.com
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