JLL announced today that it has arranged $43 million in financing for Signature Place, a 197-unit, luxury apartment community in Morris Plains, Morris County, New Jersey.
JLL worked on behalf of Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, to place the five-year, fixed-rate loan with Nationwide Life Insurance Company. Loan proceeds replaced the existing construction loan.
Signature Place is located at 250 Johnson Road on a site that was formerly improved with a vacant Mack-Cali office property. Completed in 2018, the property provides access to employment centers in Northern New Jersey and New York via NJ Transit’s Morris Plains train station and Interstates 287 and 80. Additionally, the property offers access to Morris County’s recreational, dining and shopping destinations along Route 10. Signature Place consists of a mix of one-, two- and three-bedroom units featuring high-end finishes such as wood-plank flooring, tiled bathrooms with soaking tubs and Moen fixtures, USB ports and private balconies or terraces. The community offers a variety of resort-like amenities, including an outdoor swimming pool with hot tub; designer club room with a communal fireplace, lounges, billiards and shuffleboard; state-of-the-art movie theater; two upscale conference rooms; golf simulator; fitness center; tennis courts; alfresco social venue with fire pit, TV, gas grills and dining areas; dog run and pet spa; and a walking trail.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Greg Nalbandian and Analysts Andrew Zilenziger and Carlos Silva.
“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” Nalbandian said. “Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.”
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. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Roseland Residential Trust
Roseland Residential Trust is an owner, manager and developer of luxury lifestyle-oriented multifamily and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. A subsidiary of Mack-Cali Realty Corporation, one of the country’s leading real estate investment trusts (REITs), Roseland is the master developer for several nationally recognized mixed-use destinations, including Port Imperial, a $3 billion, 200-acre community on the Hudson River Waterfront in New Jersey.
A recognized leader in multifamily innovation, Roseland is known for creating locally inspired communities that enhance the beauty, economic vitality and energy of their surrounding environs. Fully integrated and self-managed, the company comprises a team of professionals committed to enriching the quality of life in each of its communities.
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.