New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$43M Nationwide Loan Retires Construction Debt on NJ Luxury MF
JLL arranged $43 million in financing for Signature Place, a 197-unit, luxury apartment community in Morris Plains, NJ. A JLL team of Jon Mikula, Greg Nalbandian, Andrew Zilenziger and Carlos Silva worked on behalf of Mack-Cali’s Roseland Residential Trust to place the five-year, fixed-rate loan with Nationwide Life Insurance Company.
“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” said Nalbandian. “Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.” Loan proceeds replaced the existing construction loan.
Signature Place was completed in 2018 on a site that was formerly improved with a vacant Mack-Cali office property. It provides access to employment centers in Northern New Jersey and New York via NJ Transit’s Morris Plains train station and Interstates 287 and 80. Additionally, the property offers access to Morris County’s recreational, dining and shopping destinations along Route 10.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
