Clarion Partners has sold a 163-unit New Jersey multifamily property to a joint venture of Mill Creek Residential Trust and Cigna Investment Management.
The sale price was not disclosed, but Natixis Corporate & Investment Banking confirmed it originated a $54 million, five-year, Term SOFR-based, floating-rate loan to the joint-venture for the acquisition of Montclair Residences at Bay Street Station in Montclair, New Jersey.
The financing was arranged by Matthew Pizzolato, Andy Scott, Tom Didio, Jr. and Gerard Quinn of JLL. The JLL Capital Markets Sales and Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn.
The property was initially constructed in 2009. Community amenities include a central courtyard with a heated swimming pool and sundeck, outdoor terrace area with a fire pit and grill stations, a fitness center, resident lounge, internet café, dog park, three elevators, and covered garage parking on the basement level.
It consists of seven studio apartments, 108 one-bedroom apartments and 48 two-bedroom residences.
“The Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process,” Cruz said.