Northern New Jersey Project Lands Financing
- Aug 19, 2019
The developers of Englewood Circle in Englewood, N.J., have landed construction financing for the 220-unit, Class A community. JLL arranged the five-year loan through Principal Real Estate Investors on behalf of a joint venture between Claremont Cos. and Cypress Equity Investments. The JLL team consisted of Jon Mikula, Michael Klein and Andrew Zilenziger.
Upon completion, the property at 40 Bennett Road will offer a fitness center, rooftop deck, resident lounge and business center in addition to the residential units. The project represents Claremont’s first venture into the Bergen County town of Englewood, across the Hudson River from Manhattan, which has seen growing demand for luxury multifamily properties.
Claremont recently completed RIVET, a 163-unit community at New Jersey City University in Jersey City, alongside The Hampshire Cos. and Circle Squared Alternative Investments. The developers received a $42.5 million refinancing for the project earlier this month. The trio of companies is also working together on RIVET 2, the next phase of the redevelopment effort in New Jersey’s second-largest city.