A portfolio owned by Tower Management Service comprises 541 apartments across multiple states, including four New Jersey properties. — Courtesy: JLL
By Joshua Burd
Tower Management Service has secured $62 million in financing for a multistate, 541-unit apartment portfolio that includes four New Jersey properties, in a deal arranged by JLL.
Brokers say Freddie Mac provided the loan, citing the complexes’ proximity to New York City and ability to offer residents more affordable, commuter-friendly housing options in established suburban communities. They include the portfolio’s anchor in New Jersey, Spring Gardens Apartments at 851 Springfield Ave. in Summit, which was built in 1968 and consistently maintains an occupancy rate of more than 97 percent, as well as Omni Apartments in Bergenfield, Arcadia Court Apartments in Hackensack and Park Engle Apartments in Englewood.
JLL Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Christian Badalamenti spearheaded the debt advisory team on the borrower’s behalf.
“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,” Didio Jr. said.
JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender, will service the loan.
“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,” Quinn said.
