Highgate at Livingston will include a mix of one-, two- and three-bedroom homes and amenity spaces built on Eisenhower Parkway in Livingston. — Rendering courtesy: JLL
By Joshua Burd
Continental Properties has landed a nearly $50 million construction loan for a planned 169-unit upscale apartment property in Livingston, in a newly announced deal by JLL.
In a news release, the debt placement team said Truist Bank provided the financing in connection with what’s known as Highgate at Livingston, which will occupy a stretch of Eisenhower Parkway between South Orange and Kensington avenues. Plans call for a four-story complex that includes 141 market-rate units and amenities such as an upscale clubroom, private dining, a modern fitness center with a yoga studio and a co-working lounge, along with a pool and other outdoor spaces.
JLL Senior Managing Director Michael Gigliotti, Managing Director Matthew Pizzolato, Vice President Michael Lachs and Analyst Benjamin Morgenthal sourced the floating-rate construction loan on the borrower’s behalf.
“In a challenging debt market, Truist saw the extraordinary combination of a best-in-class developer, a strong local market and the exceptional quality of the project,” Gigliotti said. “They delivered competitive loan terms meeting our client’s expectations.”
JLL announced the $49.7 million loan on Thursday, citing the project’s easy access to Interstate 280 and other major highways. Highgate is also near a Barnabas Health Ambulatory Care Center and the Livingston Mall.
“Upon completion, Highgate at Livingston will be the highest-quality luxury community in Livingston to date,” Pizzolato said. “The project will set a new bar for finishes and amenities for a discerning and underserved market. We are proud to play a role in bringing this important project to the market.”
