JLL arranges financing totaling $117.86M for New Jersey apartments
ROSELAND, NJ — JLL has arranged financing totaling $117.86 million for Everly Roseland, a 360-unit apartment community located in Roseland. JLL worked on behalf of the borrower, 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. 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. Everly Roseland is located at 28 Nob Hill Rd. with convenient access to I-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.