August 20, 2019 – JLL announced today that it has arranged $43 million in financing for Signature Place, a 197-unit, luxury apartment community in Morris Plains, Morris County, New Jersey.
JLL worked on behalf of Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, to place the five-year, fixed-rate loan with Nationwide Life Insurance Company. Loan proceeds replaced the existing construction loan.
Signature Place is located at 250 Johnson Road on a site that was formerly improved with a vacant Mack-Cali office property. Completed in 2018, the property provides access to employment centers in Northern New Jersey and New York via NJ Transit’s Morris Plains train station and Interstates 287 and 80. Additionally, the property offers access to Morris County’s recreational, dining and shopping destinations along Route 10. Signature Place consists of a mix of one-, two- and three-bedroom units featuring high-end finishes such as wood-plank flooring, tiled bathrooms with soaking tubs and Moen fixtures, USB ports and private balconies or terraces. The community offers a variety of resort-like amenities, including an outdoor swimming pool with hot tub; designer club room with a communal fireplace, lounges, billiards and shuffleboard; state-of-the-art movie theater; two upscale conference rooms; golf simulator; fitness center; tennis courts; alfresco social venue with fire pit, TV, gas grills and dining areas; dog run and pet spa; and a walking trail.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Greg Nalbandian and Analysts Andrew Zilenziger and Carlos Silva.
“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” Nalbandian said. “Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.”