JLL Capital Markets announced that it arranged a $49.7 million construction loan for Highgate at Livingston (Highgate), a 169-unit, mid-rise, Class A, luxury apartment development located in Livingston, New Jersey.
JLL worked on behalf of the borrower, Continental Properties, to secure the floating-rate construction loan with Truist Bank.
The four-story Highgate at Livingston will offer 141 luxury market-rate units featuring well-designed one-, two- and three-bedrooms luxury units. Units will feature designer kitchens with stainless steel appliances, nine- and ten-foot ceilings, oversized windows, walk-in closets, in-unit washers/dryers, upgraded fixtures and numerous smart technologies. Highgate’s interior will feature rich luxury amenities, including a hotel-style lobby with a multi-story fireplace, an upscale clubroom, private dining, a state-of-the-art fitness center with a yoga studio, a co-working lounge and more. Outdoor amenities center around a lavish “lifestyle” courtyard with a resort-style pool, fire pits, outdoor kitchen, bar, outdoor TV lounge, dog run and more.
Highgate is located on Eisenhower Parkway, providing easy access to I-280, I-287, I-78, Route 24 and commuter bus and rail service to Manhattan. Highgate is also located nearby Cooperman Barnabas Medical Center, one of the Region’s largest and most respected hospitals with 597 beds and thousands of employees.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Gigliotti, Managing Director Matthew Pizzolato, Vice President Michael Lachs and Analyst Benjamin Morgenthal.
“In a challenging debt market, Truist saw the extraordinary combination of a best-in-class developer, a strong local market and the exceptional quality of the project. They delivered competitive loan terms meeting our client’s expectations,” said Gigliotti.
Pizzolato added, “Upon completion, Highgate at Livingston will be the highest quality luxury community in Livingston to date. The project will set a new bar for finishes and amenities for a discerning and underserved market. We are proud to play a role in bringing this important project to the market.”
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.
