$26.3M in financing obtained for a multi-unit project in New Jersey
JLL Capital Markets announced today that it has arranged $26.3 million in construction financing for The Somerset at Montgomery, a 115-unit luxury resort in Montgomery, New Jersey.
JLL represented the borrower, Country Classics, in securing a three-year variable rate construction loan through a regional bank.
When completed, the Somerset at Montgomery will consist of two four-story buildings with one-, two-, and three-bedroom floor plans, averaging 1,221 square feet. Units will feature designer kitchens, quartz countertops, stainless steel appliances, private balconies for each unit, integrated washers and dryers, and upscale bathrooms with tile floors and glass shower doors . Community facilities will include a well-equipped fitness center, yoga studio, 227 parking spaces, CCTV camera system, landscaped grounds, playground, basement storage and office space private to use on each floor.
Located at 1377 US Highway 206, the community is located 4.5 miles from Princeton University and sits between New York and Philadelphia. Nearby highways include Route 206, I-95. I-295, Route 1 and public transportation are easily accessible via the Princeton Junction train station. The community is close to major 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 have seen tremendous interest from the lending community in this project due to its prime location in the nearby community of Princeton, Montgomery, combined with its Class A sponsorship,” Pizzolato said.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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