**Northern New Jersey Multifamily Portfolio Secures $62M in Freddie Mac Financing**
JLL Capital Markets has successfully arranged $62 million in financing for the Tower Management Portfolio, a five-property, 541-unit multifamily portfolio spanning the New York tri-state area. The financing was secured on behalf of borrower Tower Management Service by JLL’s senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn, associate Michael Mataras, and analyst Christian Badalamenti.
Four of the portfolio’s properties are located in New Jersey, led by Spring Gardens Apartments in Summit. Built in 1968, the property maintains an impressive occupancy rate exceeding 97%. Additional New Jersey assets include Omni Apartments in Bergenfield, Arcadia Court Apartments in Hackensack, and Park Engle Apartments in Englewood.
“The portfolio’s diverse geographic spread and consistently strong occupancy rates of 96 to 100 percent across all properties reflect both Tower Management’s exceptional asset management capabilities and the underlying resilience of these well-located suburban markets,” said Thomas E. Didio, Jr.
Gerard Quinn added, “Freddie Mac recognized the quality of both the stabilized asset performance and Tower Management’s proven track record, enabling us to secure attractive 10-year fixed-rate financing that positions the portfolio for continued success.”
