JLL Capital Markets arranged $10 million in joint venture equity for the acquisition of a fully approved redevelopment site in downtown Montclair that will entail the construction of a 74-unit mixed-use property.
In addition to the residential component, the four-story property at 65 Church St. will include 3,873 square feet of retail space located less than 1 mile from the New Jersey Transit Walnut Street and Bay Street Stations, and proximate to Interstates 280 and 95 and the Garden State Parkway. The property will accommodate 112 vehicles across two levels.
The JLL Capital Markets Investment Advisory team 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. Montclair is one of the most desirable submarkets and the activity reflected that,” Cruz said in a statement.
The building will include 34 one-bedroom, 30 two-bedroom and two three-bedroom residential units. According to JLL, it is also approved for one one-bedroom, five two-bedroom and two three-bedroom affordable residential units.
Along with a rooftop deck offering views of the Manhattan skyline, planned amenities at 65 Church St. include a bicycle room, indoor lounge, fitness room and a package room.
“We are delighted to expand our development footprint with this well-located site in Montclair which is often recognized as one of the most desirable places to live,” Accurate President and CEO Jack Klugmann said. “We look forward to delivering a new modern, residential option to this dynamic town that will complement its unique charm and character and appeal to both existing and new residents.”