$28.48 million loan obtained for the development of Morristown

Project rendering at 175 Morris Street, Morristown. Image courtesy of JLL Capital Markets.

Construction funding worth $28.48 million has been secured for an apartment community in Morristown, New Jersey.

Located at 175 Morris Street, the four-story building will feature 85 units with modern finishes. In addition to the residential units, there will be 610 square feet of retail space for a cafe, as well as amenities such as a fitness center and co-working space.

The development is located less than a five-minute walk from Morristown Station, which provides direct access to NY Penn Station via the NJ Transit rail. It is also close to I-287 and Route 24.

JLL Capital Markets represented the borrower, The Hampshire Companies. JLL obtained a three-year fixed rate construction loan through a life correspondent company. Senior Managing Directors Michael Klein and Jon Mikula led JLL Capital Markets’ sales and advisory team.

“Demand for new luxury multi-unit housing in Morristown has increased since COVID as the town has attracted businesses and residents,” Mikula said.

“The lender was able to provide The Hampshire Companies with a unique structure that allowed them to maximize leverage at a blended rate that was extremely attractive to our client,” Klein added.

Do you have something to add to this story? E-mail [email protected].

Click here to sign up for free emails and news alerts from Jersey Digs. Stay up to date by following Jersey Digs on Twitter and instagramand love us on Facebook.

Comments are closed.