JLL Capital Markets arranges $49.5 million permanent financing for the newly built, 177-apartment Walnut Hill in Clark, NJ

Jackie Ferrer

 

NEW YORK CITY, NY, Nov. 20, 2023 – JLL Capital Markets has arranged the $49.5 million 10-year, fixed-rate financing of Walnut Hill, a newly constructed, luxury multi-housing rental community with 177 apartments located in Clark, New Jersey.

Walnut Hill, a newly constructed, luxury multi-housing rental communitywith 177 apartments
 located in Clark, NJ

 JLL represented the borrower, an affiliate of Garden Communities, and procured the financing from Nationwide.

 

Newly built in 2023, the four-story, two-building, elevatored community features 149 market-rate apartments and 28 affordable residences across over 240,000 square feet.

 

 Evan Pariser

The property offers a highly curated unit mix of one-, two- and three-bedroom designs with private balconies/patios, hardwood floors, stainless steel appliances, granite countertops, designer finishes and full-size washers and dryers.

 

Walnut Hill is also one of the most highly amenitized communities within the submarket, with a fitness center, a resort-style pool, a large clubhouse outfitted with lounges and a game room and more.

The property sits in one of the fastest-growing multi-housing submarkets in Northern New Jersey due to an influx of institutional development and population growth. 

The community is located less than a one-minute drive to Garden State Parkway and offers proximity to the New Jersey Turnpike, Interstate 78 and U.S. Route 22.

 

The property is less than two miles from Cranford Station, which features a connection to New York City’s Penn Station, and alternatively is just 20 minutes west of Lower Manhattan.

Matthew Pizzolato

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Evan Pariser, Managing Director Matthew Pizzolato and Vice President Jackie Ferrer.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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 CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com