Brookplace Luxury Rentals at 74 Passaic Ave. in Fairfield — Courtesy: JLL
By Joshua Burd
A developer has secured $10.5 million to refinance a newly built, 36-unit apartment property in Fairfield, in a newly announced deal by JLL.
In a news release, the debt placement team said it represented 74 Passaic Avenue LLC in sourcing the 15-year, fixed-rate loan for what’s known as Brookplace Luxury Rentals. National Life Group is providing the financing, JLL said, citing the appeal of a property that is minutes from Route 46 and interstates 80 and 280.
JLL Senior Managing Director Michael Klein, Director Max Custer and Associate Gerard Quinn led the assignment.
“We are pleased to have worked with the borrower and National Life Group on this financing opportunity,” Custer said. “The borrower constructed a first-class apartment community in a thriving location which resulted in a tremendous amount of interest amongst lenders. We look forward to working with both groups again in the very near future.”
Located at 74 Passaic Ave., Brookplace opened in August 2020, according to a news release. The collection of upscale one- and two-bedroom homes is fully leased and features amenities such as an outdoor grill and lounge area, private garages and storage units.