The Clair at 37 Orange Road in Montclair — Courtesy: JLL
By Joshua Burd
The Hampshire Cos. has refinanced a new 40-unit luxury apartment building in downtown Montclair, securing a $15.4 million loan under a deal arranged by JLL.
According to the brokerage team, National Life Group provided the five-year, fixed-rate financing in connection with The Clair at 37 Orange Road. The transaction follows Hampshire’s delivery of the property last year in tandem with The Pinnacle Cos. and Circle Squared Alternative Investments, capitalizing on a location that is near two NJ Transit stations and in one of the state’s most popular downtowns.
JLL senior managing directors Michael Klein and Jon Mikula and Analyst Michael Donohoe sourced the loan on the borrower’s behalf.
“The Clair represents exactly the type of high-quality, well-located asset that lenders are eager to finance in today’s market,” Klein said. “Its prime location near multiple transit options and within one of New Jersey’s most desirable communities, combined with the sponsor’s strategic vision for value enhancement, made this an attractive financing opportunity for National Life Group.”
The firm announced the deal Thursday while noting that the four-story building, which was built by Deugen Development, has floorplans ranging from studios to three-bedroom units with four rentals designated as affordable housing. Amenities include a resident lounge, a rooftop terrace, a courtyard with grilling stations and remote workspaces, while renters are steps from downtown Montclair’s dining, grocery, shopping and recreational destinations.
JLL added that the township is one of New Jersey’s wealthiest municipalities, with an average household income of $224,821 and home values exceeding $900,000. The 40,425-resident community is renowned for its attractive setting, diverse population and vibrant arts scene, while residents are minutes from the Garden State Parkway and Interstate 280, among other highways.
Hampshire, Pinnacle join Circle Squared to debut 40-unit Montclair rental property
