JLL arranged financing totaling $117.86 million for Everly Roseland, a 360-unit apartment community located in Roseland, Essex County, New Jersey.
JLL worked on behalf of the borrower, Novel Property Ventures, to secure the $96.36 million senior loan through an international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management.
Proceeds from the financing were used to refinance the existing loan and provide future funds to allow the borrower to complete its unit renovation program at the property.
Everly Roseland is located at 28 Nob Hill Road with access to Interstates 80, 280 and 287 and the Garden State Parkway.
Constructed between 1979 and 1980, the property is situated on 37.7 acres and includes a mix of one-, two- and three-bedroom floor plans.
Amenities include a newly constructed clubhouse, modern fitness center, swimming pool, tennis court, grilling area, on-site dog park and individual unit garage parking.
The JLL Capital Markets team representing the borrower was led by Managing Director Michael Klein and Director Matthew Pizzolato.
“The borrower has done a tremendous job implementing their capital renovation program since purchasing the asset in January 2017,” Pizzolato said.
“Both lenders recognized Novel’s proven success at the property and, as a result, we were able to team them up and negotiate extremely accretive financing that lowered the borrowers cost of capital while also providing them with a future funding facility to allow them to finish their renovation program.”
“JLL is thrilled about the execution of this transaction on behalf of Novel Property Ventures,” Klein added.
“Roseland and the surrounding area have a limited supply of quality Class A multifamily communities.
“The amenities Novel has added to the property, the upgrades it has made to the individual units and the tranquil park-like setting that surrounds the property will enable the borrower to maintain Everly’s historically high occupancy and allow it to compete with recently completed communities as well as new ones in the development pipeline for years to come.”