Dealmaker: JLL Secures $172M in New Jersey, New York

February 17, 2017

JLL, Chicago, secured $162 million for multifamily and education assets in New Jersey and New York.

In Roseland, N.J., JLL secured $102 million in acquisition financing and a $10 million construction facility for Nob Hill, a 30-building, 360-unit multifamily asset.

Novel Property Ventures, New York, purchased Nob Hill from Segal & Segal, Morristown, N.J., for $130 million and plans to renovate and rebrand the property.

Acore Capital, San Francisco, provided the financing package. JLL Managing Director Dustin Stolly and Senior Vice President Aaron Niedermayer led the debt-placement team.

“It is rare that such a large multifamily asset trades in northern New Jersey,” Stolly said. “The value-add opportunity, near-full occupancy, experienced sponsorship and high barrier-to-entry market made this asset highly appealing to lenders.”

Founded by Bennat Berger and Andrew Miller, Novel Property Ventures specializes in renovating and repositioning New York and New Jersey multifamily assets.

JLL also partnered with Walter & Samuels, New York, to secure $60 million to refinance 227 West 61st Street on Manhattan’s Upper West Side. The property was formerly home to The New York City Beacon High School. It now houses new public middle school West End Secondary School.

Stolly and JLL Senior Vice President Brett Rosenberg worked with Walter & Samuels Senior Executive Managing Director and Principal Peter Weiss to secure a 10-year interest-only loan from Allegiant Real Estate Capital, New York.

The New York City School Construction Authority occupies the property and is executing a $20 million capital improvement program to modernize the school space and upgrade common areas and finishes.

Stolly said the building benefits from surrounding amenities including the recently redeveloped Lincoln Center, the American Museum of Natural History and the Metropolitan Opera House. It is less than three blocks from the 59th Street-Columbus Circle subway station, the main transportation hub for the Upper West Side.