Monday, July 20, 2020

New Jersey property gets construction financing for redevelopment



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.

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.

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



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