New Jersey Community Lands $118M in Financing
- Oct 31, 2019
Novel Property Ventures has secured $117.8 million in financing for Everly Roseland, a 360-unit community in Essex County, N.J. The owner secured a $96.3 million senior loan through an international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management. A JLL Capital Markets team of Michael Klein and Matthew Pizzolato represented the borrower in the deal.
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Proceeds from the loans will be used toward refinancing the existing loan and completing unit renovations at the property. Novel purchased the community in January 2017 and has been undertaking renovations ever since.
Located at 28 Nob Hill Road in Roseland, N.J., Everly Roseland was built between 1979 and 1980 and houses a mix of one-, two- and three-bedroom units averaging 1,069 square feet. Situated on nearly 38 acres, the 30-building property features resident amenities including a tennis court, swimming pool, fitness center, grilling area, on-site dog park and individual unit garage parking.
Last month, Cammeby’s International secured a $228 million loan for the acquisition of an 1,800-unit residential portfolio in Northern New Jersey. The six-property portfolio consists of mid-century communities built between 1948 and 1950 and located in the Essex County townships of Bloomfield and Nutley and the Bergen County boroughs of Maywood and Ridgefield.
The multifamily market in Northern New Jersey has a robust pipeline that has continued to grow but has been unable to match a strong demand for apartments, according to a Q3 market report from Institutional Property Advisors. Since 2016, more than 22,000 apartments have come online in the region, while vacancy has fallen below 4 percent. New high-rise developments in Jersey City and Hoboken have stayed in demand by institutional capital and REITs, as the areas draw high-earning residents.