JLL Secures $62 Million Loan For Tower Management's 541-Unit Multifamily Portfolio In New Jersey

The transaction involves a financing arrangement for a multifamily portfolio consisting of five properties with a total of 541 units. The assets are located at 8 Howard Drive, 851 Springfield Avenue, 15 Moonachie Road, and 131 Grand Avenue across Bergenfield, Summit, Hackensack, and Englewood markets. The loan amount is $62,000,000, arranged by Freddie Mac. The portfolio features garden-style properties, including Spring Gardens Apartments in Summit, which maintain high occupancy rates of 96%-100% and benefit from their proximity to New York City and significant transportation routes.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $62,000,000
• Lender: Freddie Mac
• Landlord: Lea Bell Caliandro - Tower Management Service
• Brokers: Thomas Didio, Thomas E. Didio, Jr, Gerard Quinn, Michael Mataras & Christian Badalamenti - JLL

JLL Capital Markets played a crucial role in arranging the financing for this multifamily portfolio, actively representing Tower Management Service throughout the transaction. The team involved in the deal included Thomas Didio, Thomas E. Didio, Jr, Gerard Quinn, Michael Mataras, and Christian Badalamenti, who collectively facilitated the successful financing of the properties.