Morristown has seen some big moves lately. Valley National Bank, which just closed its acquisition of Bank Leumi USA, will move its headquarters to the city following the completion of its new digs along Speedwell Avenue, while Intercept Pharmaceuticals said it would move from Manhattan to the Morris County municipality. But businesses aren’t the only entities looking to settle there, according to JLL Senior Managing Director Jon Mikula.
“Demand for new luxury multi-housing in Morristown has increased since COVID, as the city has attracted business and residents alike,” he said. Aiming to serve that demand is a project underway from The Hampshire Cos.
JLL Capital Markets said April 5 that it arranged $28.48 million in construction financing for 175 Morris St., an 85-unit apartment community in Morristown.
Senior Managing Director Michael Klein worked with Mikula to lead the JLL Capital Markets Sales and Advisory team that represented The Hampshire Cos. in securing a three-year, fixed-rate construction loan through a correspondent life insurance company.
“The lender was able to provide The Hampshire Cos. with a unique structure that enabled them to maximize leverage at a blended rate that was extremely attractive to our client,” Klein said.
Standing at four stories, JLL said 175 Morris St. will feature stainless steel appliances, tiled bathrooms, quartz/granite countertops, split system heating and cooling, and more. Set to be included among the property’s amenities: a coworking space, fitness center and 610 square feet of retail space to house a café.
The project is scheduled to be completed in December 2022.
“The Hampshire Cos. is proud to call Morristown home,” President and CEO James E. Hanson II said. “Through our project at 175 Morris St., we are excited to bring a one-of-a-kind residential community to Morristown that will provide residents with an opportunity to also find their homes in one of New Jersey’s most exciting towns.”
Satisfying renters’ demand for access, the community will be situated near to the Morristown Green’s restaurants, bars and landmarks, along with shopping options on South and Bank streets. The Morristown train station is a less than five-minute walk away from 175 Morris St., while its proximity to Interstate 287 and Route 24 connects the property to employment hubs in Florham Park, Madison, Parsippany, Short Hills, Metropark and Newark.