JLL Capital Markets announced that it has arranged the $49.5 million 10-year, fixed-rate financing of Walnut Hill, a newly constructed, luxury multi-housing rental community with 177 apartments located in Clark, New Jersey.
The property offers a highly curated unit mix of one-, two- and three-bedroom designs with private balconies/patios, hardwood floors, stainless steel appliances, granite countertops, designer finishes and full-size washers and dryers. Walnut Hill is also one of the most highly amenitized communities within the submarket. Featuring a fitness center, a resort-style pool, a large clubhouse outfitted with lounges and a game room, plus much more.
Walnut Hill sits in one of the fastest-growing multi-housing submarkets in Northern New Jersey. This is due to an influx of institutional development and population growth. The community is located less than a one-minute drive to Garden State Parkway. It also offers proximity to the New Jersey Turnpike, Interstate 78 and U.S. Route 22. The property is less than two miles from Cranford Station, which features a connection to New York City’s Penn Station. Alternatively, it is just 20 minutes west of Lower Manhattan.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Evan Pariser, Managing Director Matthew Pizzolato and Vice President Jackie Ferrer. JLL represented the borrower, an affiliate of Garden Communities, and procured the financing from Nationwide.