Claremont Cos. JV Gets $58M for New Jersey Luxury Asset

JLL Capital Markets arranged the eight-year, fixed-rate loan.

EVO. Image courtesy of JLL Capital Markets

Claremont Development, in joint venture with Cypress Equity Investments and Battery Global Advisors, has received a $57.5 million loan for the refinancing of EVO, a 220-unit luxury community in Englewood, N.J. JLL Capital Markets represented the borrowers and secured the eight-year, fixed-rate note originated by The Guardian Life Insurance Group of America.

Completed in 2022, the four-story building at 40 Bennett Road encompasses studio, one- and two-bedroom units, between 540 and 1,194 square feet, according to Yardi Matrix data. Apartments are equipped with washers and dryers, nine-foot ceilings, stone countertops, stainless-steel appliances and walk-in closets. Common-area amenities include a coworking area, a yoga studio, a business center, a fitness center, a swimming pool, an outdoor bar, barbecue amenities, a club room and covered parking spots.

The 2.6-acre property is in downtown Englewood, close to Route 4, which provides highway accessibility through interstates 80 and 95. The luxury community is close to multiple retail options such as The Shops at Riverside and Westfield Garden State Plaza.

JLL Capital Markets Debt Advisory team of Senior Managing Directors Michael Klein and Jon Mikula, Associate Gerard Quinn and Analyst Benjamin Morgenthal negotiated on behalf of the borrowers. Earlier this year, the same professionals arranged another refinancing for a New Jersey luxury community, securing a $105 million loan for a 363-unit property in Jersey City, N.J.

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