JLL Capital Markets arranged $87.1 million in financing for Valley and Bloom: a two-building, mixed-use community in Montclair.
Valley and Bloom is located at 34 Valley Road, within the township’s main business district, standing six stories high and offering a mix of 258 studio, one-, two- and three-bedroom units, in addition to 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage.
Inside, residences feature hardwood floors, center islands, full-size washers and dryers, stainless steel appliances, 9.5-foot ceilings, and more. Amenities include two fitness centers, two rooftop terraces with grills, two courtyard lounge areas with fire fits, a children’s playroom and indoor bike storage.
Regus Corp. and Sotheby’s International Realty currently lease space on the ground floor, while the retail mix includes Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant.
“Valley and Bloom is a best-in-class asset that has performed extremely well,” said JLL Senior Managing Director Jim Cadranell, who was part of the Capital Markets Debt and Equity team representing the borrower along with Senior Managing Director Jon Mikula and Vice President Michael Lachs.
Raising the barre
Pure Barre joined the roster at Valley and Bloom in 2016, marking its 13 location in the Garden State at the time. Read more.
Mikula added that “Demand is strong for new luxury multi-housing in transit-oriented communities.”
In fact, other communities offering access to transit, retail and a walkable, downtown atmosphere have attracted strong interest, like Avenue & Green in Woodbridge — which hit 100% leased eight months after opening — and Clarus Glen Ridge from JMF Properties, which announced securing tenants for all its 110 units in March after leasing began in September.
Valley and Bloom is less than a mile from two NJ Transit rail stations offering direct service to Midtown Manhattan and is close to the Garden State Parkway, Route 23, and Interstates 280 and 80.
“We are pleased to complete this transaction in partnership with JLL,” Justin Levitt, executive director of financing at PGIM Real Estate, said in a prepared statement. “Multifamily continues to be a favored asset class and Valley and Bloom is a top asset for tenants and investors alike.”
Levitt led the transaction on behalf of PGIM Real Estate, which is the $209.3 billion real estate business of Prudential Financial Inc.’s $1.4 trillion global asset management business PGIM.