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JLL Arranges JV Equity for Site Acquisition in Montclair
JLL Capital Markets arranged $10 million in joint venture equity to acquire 65 Church St., a fully approved redevelopment site in downtown Montclair, NJ. The project will include 74 apartments and 3,873 square feet of retail. JLL worked on behalf of Bijou Properties, LLC and Accurate.
The JLL Capital Markets Investment Advisory team representing Bijou was led by senior managing directors Jose Cruz and Kevin O’Hearn, director Ryan Robertson, managing directors Michael Oliver and Steve Simonelli and associate Michael Zlotnick.
“We have seen significant demand for multi-housing development sites in New Jersey especially in infill markets throughout the state,” said Cruz. “Montclair is one of the most desirable submarkets and the activity reflected that.”
The property is less than one mile from the NJ Transit Walnut Street and Bay Street Stations, with train service to New York Penn Station. It’s also close to I-280, the Garden State Parkway and I-95.
- ◦Development
- ◦Financing
