New Jersey TOD Scores Financing
- Sep 25, 2019
A new transit-oriented development named 34 Bank is slated for the Morris County, N.J., borough of Netcong. The 126-unit rental property will feature 113 market-rate and 13 affordable apartments.
The market-rate units will include a blend of one- and two-bedroom floorplans. Affordable apartments will feature one-, two- and three-bedroom floorplans.
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The JLL Capital Markets team arranged for the $19.9 million in financing supplied by a 36-month, floating-rate construction loan through M&T Bank. The borrower is a joint venture involving CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments.
The development is located within walking distance of both downtown and the Netcong train station, providing service on the Morristown and Montclair-Boonton lines of New Jersey Transit. From that station, commuters can reach New York Penn Station in as little as 55 minutes. In addition, 34 Bank will provide access to major regional roadways, which is fitting given Netcong’s motto, “All roads lead to Netcong. Many of these roadways are within five miles of the development, among them the Bergen-Passaic Expressway (I-80) and U.S. Highways 206 and 46.
Outdoor recreational opportunities within 9 miles of the community include Turkey Brook Park, Allamuchy Mountain State Park, Bridge Marina, Horseshoe Lake Recreation Complex, Stephens State Park and Kittatinny Valley State Park.
The Netcong area has an ample supply of older garden-style units.
The developers of 34 Bank believe this new community will offer an affordable luxury alternative to vintage buildings in the submarket. Among the higher-profile amenities of the community is an outdoor community gathering space with fire pit and Musconetcong River walking path. In addition, the community will feature on-site parking and optional private garages.
Leading the JLL Capital Markets team that represented the buyer was Senior Managing Director Jon Mikula and Managing Director Michael Klein.