Construction Financing Secured for New Jersey Development
The luxury community will be located within 45 minutes of midtown Manhattan.
397 Millburn Ave. Image courtesy of JLL
A joint venture between Eagle Cliff Real Estate Partners and MRY Associates has closed on a $20 million construction financing loan for the development of 397 Millburn Ave., a three-story, 53-unit luxury, transit-oriented apartment community in Millburn, N.J. A JLL Capital Markets debt advisory team worked to secure the three-year, floating rate loan on behalf of the seller, provided by Provident Bank. The community is expected to be completed in early 2024.
397 Millburn Ave. will be built over 1.3 acres and will target LEED Silver certification, according to CommercialEdge information. The development will offer a mix of one- and two-bedroom living arrangements, which will feature stainless steel appliances and quartz countertops with chef-style kitchens, as well as in-house laundry machines and walk-in closets. Across the community, residents will have access to a clubroom with a bar, private event room, fitness center, clubroom and an outdoor courtyard.
Situated at the center of Millburn, the community is within walking distance of many of the city’s top dining and retail offerings, in addition to numerous local parks and nature preserves. The local NJ Transit station, which serves the entire town, is half a mile away, allowing quick access to much of the New York City metro; Midtown Manhattan is 17 miles to the east.
The JLL team that represented the borrowers was led by Senior Managing Director Jon Mikula and Analyst Salvatore Buzzerio.
Luxury and lifestyle in the Garden State
There is no shortage of upscale development and investment activity around northern and central New Jersey, as the region is home to much of the greater New York City area’s talent and resources. Transit-oriented developments have a particular appeal. Understanding this trend, Mikula said in prepared remarks, TODs such as Millburn are in need of new, high-end multi-housing options.
Recent projects around the area include Denholtz Properties’ and Redwood Real Estate Group’s planning of The Rail at Bound Brook, a 143-unit, Class A community in Bound Brook. In Englewood, Claremont Development, alongside Cypress Equity Investments and Battery Global Advisors received a $57.5 million refinancing loan for EVO, a 220-unit luxury community, also brokered by JLL.
