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Molly Brook on Belmont sells for $89M (updated)

Jessica Perry//October 6, 2022

Molly Brook on Belmont sells for $89M (updated)

Jessica Perry//October 6, 2022

Molly Brook on Belmont.
Molly Brook on Belmont. – TULFRA REAL ESTATE

 

Molly Brook on Belmont hit full occupancy less than 12 months after it launched leasing. Following 10 years of planning, entitling, building and leasing the Passaic County apartment complex, the joint venture behind it has sold the 180-unit property.

Tulfra Real Estate and The Hampshire Cos. announced the $89 million sale of the upscale community located in North Haledon to JLL Income Property Trust Oct. 5.

Cushman & Wakefield‘s Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller and procured the buyer.

“This transaction was a culmination of months of hard work by many professionals and we are grateful to all of them for their efforts and for making this transaction happen,” said Sonny Jumani, president and CEO of Rochelle Park-based Tulfra.

Molly Brook on Belmont
Molly Brook on Belmont’s units feature stainless steel LG appliances, luxury tile bathrooms, walk-in closets and laundry. The property is anchored by a clubhouse with private kitchen, lounge, fitness center and a resort-style pool. – TULFRA REAL ESTATE

Molly Brook on Belmont offers resort-style amenities and unique outdoor features. It is professionally leased and managed by Bozzuto Management, which will continue in that role under the new ownership.

Gretchen Wilcox, Al Raymond, and Wesley Wilcox of G.S. Wilcox & Co. served as mortgage brokers for the transaction. In September, that firm announced it arranged $52 million in financing for the community on behalf the JV partners.

Ted Millspaugh and James Moxley of Venable, and Lucille Karp and Jim Ray of McElroy Deutsch served as the buyer’s counsel; Debbie Gregg and Cecilia Lassiter of Sills Cummis & Gross represented the seller.

The lender’s counsel was David Ebby and Steve Anella of Faegre Drinker Biddle & Reath. The lender was undisclosed.

JLL Income Property Trust is an institutionally managed, daily NAV REIT with more than $7 billion in assets under management.

Editor’s note: This story was updated at 11:09 a.m. ET to update the county to Passaic.

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