JLL Capital Markets has successfully secured a $103 million refinancing for The Ivy, an upscale multi-housing community located in Chatham, Morris County, New Jersey. BNE Real Estate Group, the borrower of this 10-year fixed-rate loan obtained it through The Northwestern Mutual Life Insurance Company.
Featuring 245 units with spacious one to three-bedroom layouts averaging at 1,158 square feet each and completed in 2023; The Ivy offers luxurious amenities including a resort-style pool and heated lounge area along with fitness center facilities. Additionally, residents can enjoy co-working spaces and sports simulators within the community. Conveniently situated near both Chatham and Summit Train Stations adds to the appeal of this property.
The financing was facilitated by JLL Capital Markets Debt Advisory team led by Michael Klein alongside Thomas E. Didio Jr., Ryan Carroll who ensured smooth execution of this deal. According to Klein “The high level of interest from lenders prior to stabilization is a testament to the exceptional quality of this development’s location as well as its strong sponsor.”
