A rendering of 30 Court in Morristown — Courtesy: HFF
By Joshua Burd
Debt brokers with HFF have arranged nearly $25 million in financing for the development of a 58-unit condominium project in downtown Morristown.
In a news release, the firm said it secured the $24.8 million construction loan on behalf of DRA 30 Court LLC, a joint venture between Diversified Realty Advisors LLC and a private investor. Proceeds will be used in the development of 30 Court, a project two blocks from the Morristown Green that is slated for completion next year.
The HFF debt placement team included Managing Director Michael Klein and Senior Managing Director Jon Mikula, who placed the 30-month loan with Investors Bank.
“HFF is pleased to have worked with the borrowers to secure construction financing for this exciting project, which represents one of the few condominium developments in northern New Jersey not located along the Hudson Waterfront,” Klein said. “Investors Bank offered a great loan that provided the borrower with the proceeds, funding schedule and prepayment structure that best met the partnership’s needs.”
The project will consist of two-bedroom, for-sale homes ranging from 1,276 to 1,939 square feet and featuring high-end finishes and appliances, the news release said. The property will also have a two-story, 131-space parking garage and a half-acre of private, outdoor recreational space.
The site is within walking distance of the downtown area’s retail and dining amenities, HFF said. It also sits about a half-mile from the Morristown train station.