JLL announces it has arranged $19.88 million in financing for the development of 34 Bank, a 126-unit, transit-oriented apartment property located in Netcong, Morris County, New Jersey.
JLL worked on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments, to secure the 36-month, floating-rate construction loan through M&T Bank.
134 Bank will contain a total of 126 luxury units, of which 113 are market rate. The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways.
Due for completion in 2020, the property will provide an affordable luxury option to supplement the area’s current supply of vintage, garden-style apartments.
The JLL team was led by Senior Managing Director Jon Mikula and Managing Director Michael Klein.