Multihousing asset buy in North New Jersey financed for $54 million

JLL Capital Markets arranged the loan for Mill Creek Residential Trust, LLC. and Cigna Investment Management to acquire the Montclair Residences at Bay Street Station

Montclair Residences at Bay Street Station
JLL arranged $54 million in acquisition financing for Montclair Residences at Bay Street Station, a 163-unit community in Montclair, New Jersey.

JLL Capital Markets announced that it has arranged $54 million in acquisition financing for Montclair Residences at Bay Street Station, a 163-unit, transit-oriented multihousing community in the suburban New York City community of Montclair, New Jersey.

JLL worked on behalf of the borrower, Mill Creek Residential Trust, LLC and Cigna Investment Management, to secure a five-year, Term SOFR-based, floating-rate loan for the joint-venture through Natixis Corporate & Investment Banking. JLL also represented the seller in this transaction.

Constructed in 2009, the institutionally owned and impeccably maintained community consists of seven studio apartments, 108 one-bedroom apartments and 48 two-bedroom residences. The units feature granite countertops, stainless steel appliances, full-size washers and dryers, marble vanities, individual HVAC and ceramic and carpet flooring. The impressive amenity package includes a heated swimming pool with a sundeck, a barbeque and fire-pit lounge, a state-of-the-art fitness center, a covered parking garage, a resident’s lounge, an internet café and direct access to Bay Street Station.

The property is located in downtown Montclair, one of New Jersey’s most sought-after and affluent towns. Offering an urban culture in a suburban location, the community provides residents with access to a commercial thoroughfare consisting of grocery stores, highly rated restaurants and high-end boutique shops. In addition, the location at Bay Street train station provides access to Midtown Manhattan within 35 minutes and Newark within 10 minutes.

The JLL Capital Markets Debt Placement team representing the borrower was led by Andy Scott, Matthew Pizzolato, Thomas E. Didio, Jr. and Gerard Quinn.

“We saw significant interest from the lending community given the premier institutional sponsorship and the property’s location in downtown Montclair,” Pizzolato said. “Natixis stepped up to offer attractive terms that will allow our client to execute on their business plan.”

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.