Ownership of a large apartment building in Montclair exchanges hands
MONTCLAIR, NJ – A large apartment building in Montclair has a new owner, and they just closed $ 54 million in financing, according to a company.
Last week, JLL Capital Markets announced that Clarion Partners LLC had sold the Montclair Residences at Bay Street Station to Florida-based Mill Creek Residential Trust LLC and Cigna Investment Management.
The 163-unit âmulti-unit communityâ was built in 2009. It has seven studios, 108 one-bedroom apartments and 48 two-bedroom residences. Facilities include a heated swimming pool with sundeck, lounge with barbecue and fireplace, state-of-the-art fitness center, covered parking, residents lounge, internet cafe and direct access to Bay Street Station. .
The property is located in downtown Montclair, “one of New Jersey’s most desirable and wealthy towns,” JLL Capital Markets said.
âThe Montclair Residences at Bay Street Station have generated a lot of interest from the investment community with several national groups taking part in the bidding process,â said Jose Cruz, member of the team representing the seller. .
On Monday, JLL announced another significant development for the property: $ 54 million in acquisition financing.
According to the firm:
“JLL worked on behalf of the borrower, Mill Creek Residential Trust, LLC and Cigna Investment Management, to secure a five-year term SOFR variable rate loan for the joint venture through Natixis Corporate & Investment Banking JLL also represented the seller in this transaction.
âWe have seen considerable interest from the lending community given the prominent institutional sponsorship and location of the property in downtown Montclair,â said Matthew Pizzolato of JLL. âNatixis has strengthened itself to offer attractive conditions that will allow our client to execute their business plan.
Send local news tips and correction requests to [email protected]