Five-County NJ Multifamily Portfolio Scores $296M Financing
JLL Capital Markets secured a $296-million financing for a 13-property, 1,880-unit multifamily portfolio across New Jersey. Senior managing directors Michael Klein and Thomas E. Didio, Jr., associate Michael Mataras and senior analyst Joseph Gruber represented the borrower to originate the fixed-rate, 10-year partial interest-only term, loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital,.
The garden style portfolio, comprised of predominantly legacy-owned assets, consists of 13 properties spanning five New Jersey counties: Middlesex, Somerset, Union, Monmouth and Morris. The properties vary in vintage from 1959 to 1999 and are located through some of Northern and Central New Jersey’s most sought-after and densely populated regions, with proximity to core employment centers throughout the New York metropolitan area.
“The borrower’s exceptional management capabilities and dedication to maintaining a well-kept, high-performing portfolio ensure these vital communities continue to deliver quality, affordable homes for residents,” said Didio, Jr.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout