Signature Place at 250 Johnson Road in Morris Plains — Courtesy: JLL
By Joshua Burd
JLL has arranged $43 million in financing for a newly built, 197-unit luxury apartment property in Morris Plains developed by Roseland Residential Trust.
The developer, a subsidiary of Mack-Cali Realty Corp., will use the financing to replace an existing construction loan for the property at 250 Johnson Road. Nationwide Life Insurance Co. is providing the five-year, fixed-rate loan.
“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” said Greg Nalbandian, a senior managing director with JLL. “Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.”
Nalbandian, Senior Managing Director Jon Mikula and analysts Andrew Zilenziger and Carlos Silva led the JLL capital markets team on the assignment.
Known as Signature Place, the high-end rental complex occupies the former site of a vacant Mack-Cali office property. Roseland opened the building early last year, offering a mix of one-, two- and three-bedroom units and amenities such as an outdoor swimming pool, designer club room, a movie theater and two upscale conference rooms.