CHICAGO, IL - JLL Capital Markets announced today that it has arranged a $10.5 million refinancing for Brookplace Luxury Apartments (“Brookplace”), a 36-unit, luxury multi-housing community in Fairfield, New Jersey.
JLL worked on behalf of the borrower, 74 Passaic Avenue, LLC, to secure the 15-year, fixed-rate loan through National Life Group.
Brookplace Luxury Apartments was constructed by the borrower in August of 2020 and completed lease up within a few short months. The 100 percent occupied property consists of spacious, one- and two-bedroom units averaging 1,058 square feet. The apartments feature a balcony/patio, in-unit washer and dryers, stainless steel appliances, plank style floors and large walk-in closets while the community offers an outdoor grill and lounge area, private garages and storage units.
Situated at 74 Passaic Avenue, Brookplace offers tremendous regional access due to its proximity to Interstates 80 and 280, which are both within a five-mile drive of the property and provide efficient travel time to nearby employment centers including Morristown, Newark and Manhattan. Residents also enjoy convenient access to Route 46 and the Willowbrook Mall which are both within three miles of the property and are home to a variety of retailers and service providers.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Associate Gerard Quinn.
“We are pleased to have worked with the borrower and National Life Group on this financing opportunity,” Custer said. “The borrower constructed a first-class apartment community in a thriving location which resulted in a tremendous amount of interest amongst lenders. We look forward to working with both groups again in the very near future.”