JLL arranged $43 million in financing for Signature Place, a 197-unit, luxury apartment community in Morris Plains, Morris County, New Jersey.
JLL worked on behalf of Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, to place the five-year, fixed-rate loan with Nationwide Life Insurance Company. Loan proceeds replaced the existing construction loan.
Signature Place is located at 250 Johnson Road on a site that was formerly improved with a vacant Mack-Cali office property.
Completed in 2018, the property consists of a mix of one-, two- and three-bedroom units featuring high-end finishes, private balconies or terraces.
Amenities include an outdoor swimming pool, movie theater, golf simulator, fitness center, tennis courts and a walking trail.
The JLL Capital Markets team representing the borrower was led by senior managing directors Jon Mikula and Greg Nalbandian and analysts Andrew Zilenziger and Carlos Silva.
“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” Nalbandian said.
“Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.”
