Garden Communities’ new multifamily community in Clark has secured financing about five months after delivery of the project’s first building in Union County.
JLL Capital Markets arranged the $49.5 million, 10-year, fixed-rate loan on behalf of the borrower, an affiliate of Short Hills-based Garden Communities, procuring the financing from Nationwide. According to the global commercial real estate and investment management company’s Nov. 20 announcement, the Debt Advisory team was led by Senior Managing Director Evan Pariser, Managing Director Matthew Pizzolato and Vice President Jackie Ferrer.
Located directly off of the Garden State Parkway at 35 Walnut Ave., Walnut Hill is a 240,000-square-foot, two-building, four-story elevatored community with 149 market-rate apartments and 28 affordable units offering a mix of one-, two- and three-bedroom layouts.
Walnut Hill’s apartments feature private balconies/patios, hardwood floors, stainless steel appliances, granite countertops, designer finishes and full-size washers and dryers. The amenity package includes a fitness center, resort-style pool, clubhouse with lounges, a game room and more.
Garden Communities announced the delivery of Walnut Hill’s first building this past June, which had at that point already reached the 50% leased mark.
“We are excited to officially kick off Walnut Hill,” Garden Communities’ Tony DiGiovanni, the project’s developer, said at the time. “Offering a well-balanced lifestyle, stylish living spaces and thoughtful amenities, Walnut Hill has everything today’s renters are looking for – all in a desirable and convenient suburban Union County location.”
Clark was voted one of Niche.com’s “Best Places to Live in New Jersey” in 2022. The location offers connectivity to the New Jersey Turnpike, Interstate 78 and U.S. Route 22, as well as being less than 2 miles from Cranford Station, with service via a connection to New York Penn Station.
The Garden Communities’ project is in proximity to Clark Commons, which is anchored by Whole Foods.
Monthly rents at Walnut Hill start from $2,800 for a one-bedroom and $3,200 for a two-bedroom. The property features an on-site leasing office that is open daily. More information is available here.
The Garden Communities project pipeline will result in the delivery of several new multifamily projects in the tri-state area, including in East Brunswick, Springfield and Florham Park, over the next several years, according to the company.