November 25, 2019 – JLL announced today that it has arranged acquisition financing for The Peaks of Nanuet, a 504-unit apartment complex in the suburb of Nanuet, Rockland County, New York.
JLL worked exclusively on behalf of Mill Creek Residential Trust LLC and an institutional equity partner to arrange the 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. JLL also brokered the sale of the property to Mill Creek Residential, details of which were released in a separate announcement.
The Peaks of Nanuet consists 504 units across 64 buildings set on 54 acres that comprise a mix of one-, two- and three-bedroom units averaging 1,208 square feet, with approximately 40% of homes also inclusive of lofts. Units feature nine-foot ceilings, intrusion alarms, separate dining rooms, spacious closets, full-sized washers and dryers, and patios or balconies. The transit-oriented property is located at 100 Avalon Gardens Drive less than a mile from the intersection of the Garden State Parkway, Interstate 287 and Palisades Interstate Parkway. Due to its central location, The Peaks of Nanuet is convenient to Manhattan, the New Jersey state line and Westchester County via car and a variety of mass transit options. Community amenities include a fully equipped fitness center and a resident lounge. The property was 95% occupied at closing.
The JLL Capital Markets debt placement team representing the borrower included Senior Managing Director Andy Scott and Directors Matthew Pizzolato and Scott Findlay.
“JLL was excited to be a part of this transaction by advising the borrowers on their acquisition of The Peaks at Nanuet,” Pizzolato said. “We were able to get Freddie Mac to step up and provide excellent terms that will allow the borrower to execute their business plan at the property.”