Burlington County multifamily development sees $47M in financing

JLL Capital Markets arranged $47 million construction financing for a multifamily development that will bring approximately 300 apartment units to Burlington County.

The firm said Aug. 11 that it secured a three-year, floating rate loan through Wells Fargo on behalf of an undisclosed borrower.

JLL Capital Markets’ Debt Advisory team represented the borrower, led by Matthew Pizzolato, Michael Klein and Salvatore Buzzerio.

Though its precise location was not disclosed, according to JLL the property will offer quick and convenient access from Interstate 295 and Route 130 to the County’s nearly 7 million square feet of office space, and is just 20 miles from Center City, Philadelphia. The mix of one-, two- and three-bedroom layouts is anticipated for completion in the second quarter of 2024.

According to Pizzolato, “We saw a tremendous amount of interest from the lending community for this deal given the strength of the sponsorship and their proven track record in the market.”

Klein spoke highly of working with Wells Fargo, which he said understood the demand for this type of product. “We were thrilled to be a part of this transaction and help our client continue to grow their multi-housing portfolio in the region,” he said.