Novel Property Ventures Secures $118M Refi of Everly Roseland
JLL, which arranged the financing deals for the borrower, reports that Novel Property Ventures secured a $96.36-million senior loan through an international bank and a $21.5-million mezzanine loan through J.P. Morgan Asset Management.
ROSELAND, NJ—New York City-based Novel Property Ventures has secured a refinancing package totaling $117.86 million for its 360-unit Everly Roseland development here.
JLL, which arranged the financing deals for the borrower, reports that Novel Property Ventures secured a $96.36-million senior loan through an international bank and a $21.5-million mezzanine loan through J.P. Morgan Asset Management.
Proceeds from the financing were used to refinance the existing loan and provide future funds to allow the borrower to complete its unit renovation program at the property, JLL states.
The JLL Capital Markets team representing the borrower was led by managing director Michael Klein and director Matthew Pizzolato.
Located at 28 Nob Hill Road, Everly Roseland has access to Interstates 80, 280 and 287 and the Garden State Parkway. Constructed between 1979 and 1980, the property is situated on 37.7 acres and includes a mix of one-, two- and three-bedroom floor plans.
Amenities include a newly constructed clubhouse, modern fitness center, swimming pool, tennis court, grilling area, on-site dog park and individual unit garage parking.
Novel Property Ventures acquired the property in 2017 and since then has implemented a capital improvement program at the property. The refinancing deal will allow the ownership to continue to make improvements at the complex, JLL notes.