JLL Capital Markets announced that it has arranged $28.48 million in construction financing for 175 Morris St., an 85-unit apartment community located in Morristown, New Jersey.
JLL represented the borrower, The Hampshire Companies, to secure a three-year, fixed-rate construction loan through a correspondent life insurance company.
The units of the four-story 175 Morris St. will feature stainless steel appliances, engineered wood flooring in living rooms, tiled bathrooms, quartz/granite countertops, in-unit washers and dryers and a split system heating and cooling system. The property will include modern amenities such as a fitness center, coworking space and 610 square feet of retail space for a café.
Located at 175 Morris St., the community is less than a five-minute walk to the Morristown train station, which provides direct access to NY Penn Station via the NJ Transit rail. This location offers proximity to I-287 and Route 24, allowing convenient commutes to local employment hubs such as Florham Park, Madison, Parsippany, Short Hills, MetroPark and Newark. The community is only five minutes from Morristown Medical Center and less than 20 minutes from The Mall at Short Hills. Additionally, residents will be near the restaurants, bars and historical landmarks on the Morristown Green and the shopping along South Street and Bank Street.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula.
“Demand for new luxury multihousing in Morristown has increased since COVID, as the city has attracted business and residents alike,” Mikula said.
“The lender was able to provide The Hampshire Companies with a unique structure that enabled them to maximize leverage at a blended rate that was extremely attractive to our client,” Klein added.
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.