Fairfield multi-housing community secures $10.5M refinancing

JLL Capital Markets arranged refinancing for a multi-housing community in Fairfield with 36 luxury units.

On Nov. 9, JLL said it obtained a 15-year, fixed-rate loan through National Life Group for $10.5 million refinancing for Brookplace Luxury Apartments on behalf of the borrower, 74 Passaic Avenue LLC.

A JLL Capital Markets debt team of Senior Managing Director Michael Klein, Director Max Custer and Associate Gerard Quinn represented 74 Passaic Avenue LLC.

“The borrower constructed a first-class apartment community in a thriving location which resulted in a tremendous amount of interest amongst lenders,” Custer said in a statement.

Located at 74 Passaic Ave., Brookpace Luxury Apartments is within 5 miles of both Interstates 80 and 280, and within 3 miles of Route 46 and the Willowbrook Mall.

According to JLL, the property was built in August 2020 by the borrower and completed lease up in a few months. Comprised of one- and two-bedroom units averaging 1,058 square feet, the property is now 100% occupied.

Full-service global provider JLL Capital Markets offers capital solutions for real estate investors and occupiers. In October, the group arranged $29.9 million in acquisition financing for a three-story, 236,809-square-foot office building in Madison, and represented the seller in its off-loading of multi-housing community Berkshire Stewards Crossing.