$26.3 million financing secured for New Jersey multihousing project

JLL Capital Markets arranged the construction financing for the 115-unit The Somerset at Montgomery in Montgomery, New Jersey

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Somerset at Montgomery
JLL arranged $26.3 million in construction financing for The Somerset at Montgomery, a 115-unit multihousing development in Montgomery, New Jersey.

JLL Capital Markets announced that it has arranged $26.3 million in construction financing for The Somerset at Montgomery, a luxury, 115-unit multihousing development in Montgomery, New Jersey.

JLL represented the borrower, Country Classics, to secure a three-year, floating-rate construction loan through a Regional Bank.

Upon completion, The Somerset at Montgomery will be two, four-story buildings with one-, two- and three-bedroom floorplans, averaging 1,221 square feet. Units will feature designer kitchens, quartz countertops, stainless steel appliances, private balconies for each unit, in-unit washers and dryers and high-end bathrooms with tile floors and glass shower doors. Community amenities will include a well-equipped fitness center, a yoga studio, 227 parking spaces, CCTV camera system, landscaped grounds, playground, basement storage space and private office space for use on every floor.

Located at 1377 US Highway 206, the community is situated 4.5 miles from Princeton University and is set in between New York City and Philadelphia. Nearby highways include Route 206, I-95. I-295, Route 1, and public transportation is easily accessible via the Princeton Junction Train Station. The community is proximate top popular retail destinations, such as Quakebridge Mall, Mercer Mall, Market Fair, Nassau Park Pavilion and Princeton Forrestal Village.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Matthew Pizzolato, Jim Cadranell and Ryan Carroll.

“We saw tremendous interest from the lending community for this project due to its desirable location in neighboring Princeton community of Montgomery combined with its Class A sponsorship,” said Pizzolato.

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.