January 30, 2017 Comments Off on $130M for Sprawling Community Views: 228 New York News, Tri-State Area New York

$130M for Sprawling Community

Novel Property Ventures paid $130 million to Segal & Segal to buy Nob Hill, a giant community in Roseland, NJ, with 30 buildings and 360 rental apartments spread over 36 acres.

“It is rare that such a large multifamily asset trades in Northern New Jersey,” said Dustin Stolly, managing director for JLL. “The value-add opportunity, near-full occupancy, experienced sponsorship and high barrier-to-entry market made this asset highly appealing to lenders.”

JLL helped Novel find a financing package from Acore Capital including a $102 million to buy the property, plus another $10 million construction facility to renovate.

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