November 4, 2019
JLL arranged $117.86 million in financing for Everly Roseland, a 360-unit apartment community located in the Essex County community of Roseland, NJ.
The firm’s Michael Klein and Matthew Pizzolato worked on behalf of Novel Property Ventures to secure the $96.36-million senior loan through an international bank, and a $21.5-million mezzanine loan through J.P. Morgan Asset Management.
Loan proceeds were used to refinance the existing loan and provide future funds to allow the borrower to complete its unit renovation program.
“The borrower has done a tremendous job implementing their capital renovation program since purchasing the asset in January 2017,” Pizzolato said. “Both lenders recognized Novel’s proven success at the property and, as a result, we were able to team them up and negotiate extremely accretive financing that lowered the borrower’s cost of capital while also providing them with a future funding facility to allow them to finish their renovation program.”
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