JLL secures $45.5M in refinancing for North Jersey multi-housing communities

Tidewater Real Estate secured refinancing for two multi-housing properties situated in Nutley and Palisades Park.

On Dec. 1, JLL Capital Markets announced it worked on behalf of the borrower to place a $31.5 million loan for Village Manor and a $14 million loan for Palisades Manor. Each fixed-rate loan has a 30-year self-liquidating term and both were placed through JLL’s correspondent relationship with John Hancock.

The Capital Markets debt advisory team representing the borrower was led by Senior Managing Director Greg Nalbandian and Vice President Michael Lachs.

Built in 1950, garden-style apartment community Village Manor features 227 one- and two-bedroom units in Nutley, ranging from 659 square feet to 910 square feet. According to JLL, the community is within walking distance of buses to Manhattan and a train station.

In Palisades Park, the four-story Palisades Manor was completed in 1935 and features studio, one- and two-bedroom units with an average of 946 square feet. The property is located in the infill Bergen County Waterfront area, one block from downtown and 7 miles from Upper Manhattan.

“We were pleased to place these long-term 30-year fixed rate loans through our correspondent relationship with John Hancock. These assets have outperformed their respective markets historically and have been very well maintained by the sponsor over the years. Our client took advantage of historically low interest rates and locked an extremely attractive rate for each asset for the next 30 years,” Nalbandian said in a statement.