Okner Developers LLC is planning a 300-unit apartment complex on Okner Parkway in Livingston — Rendering courtesy: JLL
By Joshua Burd
A developer has secured nearly $127 million in debt and equity for a plan to build 300 new apartments off Route 10 in Livingston, in a set of newly announced deals by JLL.
According to the brokerage team, Northwestern Mutual will be both a lender and a joint venture partner in connection with the project on Okner Parkway. The package includes a 10-year, fixed-rate construction loan for $88.6 million and $38 million in equity, with JLL sourcing both on behalf of Okner Developers LLC.
Known as Canterly Place, the $135 million development is slated to include 240 market-rate units and 60 affordable units just north of Route 10, comprising a mix of one-, two- and three-bedroom floorplans. The borrower shares an address with Caldwell-based Danbro Properties.
“JLL is pleased to announce the successful capitalization of this exceptional project,” JLL’s Jim Cadranell said. “Northwestern Mutual recognized the outstanding investment characteristics of this development which outweighed the current disruption in the capital markets. Canterly Place will be a first-class property that will enhance the quality of life of its residents and the surrounding community.”
Along with Cadranell, the firm’s Jon Mikula, Matthew Pizzolato and Michael Lachs led the team on the assignment. They noted that the property will have upscale apartments and amenities such as a clubroom, a library lounge, a game room and a modern fitness center, along with outdoor spaces such as a resort-style pool, a paved walking path and fitness trail, a basketball court and a pickleball court.
The Okner Parkway property is also less than a mile west of Eisenhower Parkway, providing easy access to interstates 280 and 287 and Route 24.
