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Mill Creek JV Acquires Transit-Oriented Multifamily in Montclair
JLL Capital Markets closed the sale of Montclair Residences at Bay Street Station, a 163-unit, transit-oriented multifamily property in Montclair, NJ. Separately, Natixis Corporate & Investment Banking announced that it originated a $54-million, five-year, Term SOFR-based, floating-rate loan to the buyers, a joint venture between Mill Creek Residential and Cigna Investment Management.
A JLL Capital Markets Sales and Advisory team of Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn represented the seller, Clarion Partners. “The Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process,” said Cruz.
The financing was arranged by Matthew Pizzolato, Andy Scott, Tom Didio, Jr. and Gerard Quinn of JLL. Constructed in 2009, the property offers direct access to NJ Transit’s Bay Street Station, offering direct access to Midtown Manhattan. and direct access to Bay Street Station.
- ◦Sale/Acquisition
- ◦Financing
