JLL announces that it has arranged financing for the development of Englewood Circle, a 220-unit, Class A multifamily property in Englewood, New Jersey.
JLL worked on behalf of the developers, a joint venture between The Claremont Companies and Cypress Equity Investments, to secure the five-year construction loan through Principal Real Estate Investors.
Englewood Circle is being constructed on 2.54 acres at 40 Bennett Road directly across from MacKay Park. Due for completion in 2020, the transit-oriented community offers convenient access to major thoroughfares, including Interstate 95, Route 4 and Palisades Interstate Parkway.
The JLL Capital Markets team representing the developers was led by Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Andrew Zilenziger.
“We are excited to be a part of Claremont’s foray into Englewood, a town that has seen tremendous growth, specifically in the luxury multihousing space,” Mikula stated. “Englewood Circle will provide the newest and most amenity intensive project in Englewood.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
About Claremont Companies
The history of the Claremont Companies, and its affiliate, Claremont Construction Group, Inc. is one of generational growth and progress. Established in 1954, Claremont evolved from a commercial painting business to one of the country’s largest carpentry and drywall operations, providing interior construction services throughout the Mid-Atlantic States. In 1991, the current principals of Claremont strategically transitioned the company into a full-service development and general construction company. Since then, the company has completed thousands of residential units and millions of square feet of commercial/retail projects as both a principal developer and third-party general contractor. Now, in its third generation, Claremont is experiencing considerable growth with a real estate development pipeline approaching $500 million and third-party general construction projects valued in excess of $350 million.
About Cypress Equity Investments
Cypress Equity Investments (CEI) is a real estate investment company comprised of professionals who have been executing real estate investment strategies for the past three decades. Since its inception in 2001, CEI has been executing ground-up and value-add real estate projects in all asset classes, with primary focus on multifamily. Today, CEI continues to execute its Class “A” multifamily development and acquisition strategies in top-tier urban markets throughout the United States.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $82.9 billion in commercial real estate assets (as of June 30, 2019). The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About JLL
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
