JLL Capital Markets announced today that it has arranged $88 million in acquisition financing for the recently purchased Avalon Somerset apartments in Somerset, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Harbor Group International and Azure Partners, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. JLL also completed the sale of the property to Harbor Group International and Azure Partners.
The luxury community is comprised of 384 studio, one-, two- and three-bedroom apartments and townhomes. Built in 2013, the community totals 12 three-story buildings, one four-story building and a one-and-a-half story clubhouse.
Avalon Somerset is located at 500 Bristol Blvd., proximate to various employment hubs, including Metro Park, Bridgewater, Princeton and New Brunswick. Offering regional connectivity, the property is near major roadways including Interstate 287, Route 27 and 1, as well as the New Jersey Turnpike.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jamie Leachman and Directors Matthew Pizzolato, Amit Kakar and Thomas E. Didio, Jr.