Following news last week that JLL Capital Markets represented the seller in the sale of Montclair Residences at Bay Street Station, the firm said Dec. 13 that it arranged $54 million in acquisition financing for the 163-unit multi-housing property.
JLL worked on behalf of a joint venture between Mill Creek Residential Trust LLC and Cigna Investment Management to arrange a five-year, Term SOFR-based, floating-rate loan through Natixis Corporate & Investment Banking.
The JLL Capital Markets Debt Placement team representing the borrower was led by Andy Scott, Matthew Pizzolato, Thomas Didio Jr. and Gerard Quinn.
The downtown Montclair property was built in 2009, JLL said.
“We saw significant interest from the lending community given the premier institutional sponsorship and the property’s location in downtown Montclair,” Pizzolato said. “Natixis stepped up to offer attractive terms that will allow our client to execute on their business plan.”
In the announcement of the property’s sale, JLL Senior Managing Director Jose Cruz commented that “[t]he Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process.”