The Hampshire Cos. is developing a new 85-unit luxury apartment building at 175 Morris St. in Morristown, as depicted in this rendering. — Courtesy: JLL
By Joshua Burd
The Hampshire Cos. is proceeding with a new 85-unit luxury apartment building in Morristown with the help of a nearly $29 million construction loan, in a newly announced deal by JLL.
The debt placement team, which represented the borrower, said the financing will support the four-story project at 175 Morris St., part of a redevelopment zone less than a half-mile from the downtown. A correspondent life insurance company is providing the three-year, fixed-rate loan, which was sourced by JLL senior managing directors Michael Klein and Jon Mikula.
“Demand for new luxury multi-housing in Morristown has increased since COVID, as the city has attracted business and residents alike,” Mikula said.
In announcing the $28.48 million loan, JLL said 175 Morris will include apartments with high-end construction, appliances and finishes, with amenities such as a fitness center, co-working space and 610 square feet of retail space for a café. The property is less than a five-minute walk to the Morristown train station, which provides direct access to New York Penn Station via NJ Transit, and just west of Interstate 287.
The project will help repurpose the former site of an oil company depot.