Northern NJ Portfolio Secures $62M Freddie Mac Financing
JLL Capital Markets arranged the $62-million financing for the Tower Management Portfolio, a five-property, 541-unit multifamily portfolio across the New York tri-state area. Senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn, associate Michael Mataras and analyst Christian Badalamenti represented the borrower, Tower Management Service.
Four of the portfolio’s assets are located in New Jersey, anchored by Spring Gardens Apartments in Summit, which was built in 1968 and consistently maintains a 97%+ occupancy rate. The New Jersey assets also include Omni Apartments in Bergenfield, Arcadia Court Apartments in Hackensack and Park Engle Apartments in Englewood.
“The portfolio’s diverse geographic spread and consistently strong occupancy rates of 96-100% across all properties reflect both Tower Management’s exceptional asset management capabilities and the underlying resilience of these well-located suburban markets,” said Didio, Jr.
Quinn added, “Freddie Mac recognized the quality of both the stabilized asset performance and Tower Management’s proven track record, enabling us to secure attractive 10-year fixed-rate financing that positions the portfolio for continued success.”
Whether you lend, build, broker, invest, or advise in the multifamily arena, you won’t want to miss Connect Southeast Multifamily on December 4th. If you’re involved in development, repositioning, investment, asset operations, financing, or trading — these insights are designed for you. Take a look at the full event agenda and register now to be in the room on December 4th! www.ConnectSEMF2025.com
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout