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| Rendering of a 25,000-square-foot mixed-use building with 11 luxury apartments at 104 Baker Street in downtown Maplewood, NJ |
MORRISTOWN, NJ, July 20, 2020 – JLL
Capital Markets announced today it has arranged construction financing for Iron
Ore Properties for the development of a 25,000-square-foot mixed-use building
with 11 luxury apartments at 104 Baker Street in downtown Maplewood, New
Jersey.
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| Michael Klein |
JLL worked on behalf of Iron Ore Properties to place the
three-year loan with Provident Bank.
JLL’s Capital Markets Debt Placement team
representing the borrower was led by Senior Managing Director Michael Klein
and Associate Max Custer.
“With very few developable sites in downtown Maplewood, 104 Baker
Street presents an outstanding opportunity to deliver new apartments and
commercial space to a vibrant community,” stated Custer.
“Despite the ongoing COVID-19 environment, the
project’s outstanding fundamentals allowed JLL to secure competitive
development financing on behalf of the borrower.”
104
Baker Street is located in the heart of Maplewood’s vibrant downtown corridor
and is just a quarter mile from the NJ Transit Train Station.
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| Max Custer |
The proposed development will include 11
luxury apartments and approximately 3,500 square feet of retail and parking.
Upon
completion, the building will significantly exceed LEED standards and feature
condominium-style finishes including expansive windows, stainless steel appliances,
recessed lighting, modern cabinetry and quartz countertops, among other new,
modern finishes.
Residents will also benefit from an expansive
indoor/outdoor rooftop terrace and immediate access to Maplewood’s active commercial
district which is home to a variety of boutique shops and first-class
restaurants.
CONTACT:
Natalie
Passarelli
Public Relations
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
Chicago, IL 60601
M +1 224 477 7307
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