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JLL arranged construction financing for the development of a multi-housing property at 920 Belmont Avenue in North Haledon, NJ
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| Jon Mikula |
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.
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.
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.
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| Michael Klein |
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
Public Relations
Jones
Lang LaSalle Americas, Inc.
200
E. Randolph St.
Chicago, IL 60601
Chicago, IL 60601
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+1 224 477 7307
