Morris County Multifamily Project Secures $20M Construction Loan
The 36-month, floating rate construction loan was provided by M&T Bank and was arranged by JLL for the 126-unit luxury project that broke ground on Aug. 28.
NETCONG, NJ—A joint venture of CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments has secured a $19.88-million loan for its 34 Bank transit-oriented multifamily project here.
The 36-month, floating rate construction loan was provided by M&T Bank and arranged by JLL for the 126-unit luxury project that broke ground on Aug. 28. The complex will comprise approximately 180,000 square feet on a 4.8-acre site located at 34 Bank St.
34 Bank will contain a total of 126 luxury units, of which 113 are market rate. Market-rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three-bedroom options.
The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including Interstate 80 and Routes 206 and 46, all of which are within 1.5 miles of the development.
The development is due for completion in 2020 and will provide an affordable luxury option to supplement the area’s current supply of vintage, garden-style apartments, according to JLL. The property’s amenities, include a great room with business stations, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations.
The JLL Capital Markets team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.
“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.
“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula added.
Outdoor features of the development include a community gathering space with fire pit and a walking path along the Musconetcong River. The community will also offer on-site parking and optional private garages.
At the groundbreaking ceremony late last month, Jeff Sica, president and CEO of Circle Squared Alternative Investments, said, “When analyzing multi-family projects, location is such a critical factor to consider, and along with our partners we collectively agreed that Netcong has a lot to offer.”
He noted that the property is located just over 40 miles outside of Manhattan, and will be within walking distance to rail service–to New York City–as well as restaurants, supermarkets and other popular retailers.
“The beautiful views and recreational opportunities afforded by Lake Hopatcong and the Musconetcong River will also surely place this multi-family complex in high demand by families looking to call Morris County home,” he added.