JLL Arranges Financing for New Jersey Apartment Complex
JLL Capital Markets has arranged $28.48 million in construction financing for 175 Morris St., an 85-unit apartment community located in Morristown, NJ.
JLL represented the borrower, The Hampshire Companies, to secure a three-year, fixed-rate construction loan through a correspondent life insurance company.
Located at 175 Morris St, the community is less than a five-minute walk to the Morristown train station, which provides direct access to NY Penn Station via the NJ Transit rail, JLL said.
The location offers proximity to I-287 and Route 24, allowing convenient commutes to local employment hubs such as Florham Park, Madison, Parsippany, Short Hills, MetroPark and Newark. The community is only five minutes from Morristown Medical Center and less than 20 minutes from The Mall at Short Hills.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula.
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