Eagle Cliff Real Estate Partners and MRY Associates are developing a three-story, 53-unit luxury apartment building at 397 Millburn Ave. in Millburn. — Rendering by Minno & Wasko Architects and Planners/Courtesy: JLL
By Joshua Burd
A development team has landed $20 million in construction financing for a new 53-unit luxury apartment building in downtown Millburn, brokers with JLL announced Wednesday.
According to the debt placement team, Eagle Cliff Real Estate Partners and MRY Associates are planning an early 2024 delivery for the project at 397 Millburn Ave. They’re proceeding with the help of the three-year, floating-rate loan from Provident Bank, which JLL Senior Managing Director Jon Mikula and Analyst Salvatore Buzzerio sourced on the borrowers’ behalf.
Minno & Wasko Architects and Planners is the project’s design team.
“Transit-oriented communities such as Millburn are in need of new, high-end multi-housing options,” Mikula said. “Eagle Cliff and MRY will be providing an amazing project that will help transform downtown Millburn.”
In a news release, JLL said the three-story building will have upscale one- and two-bedroom units, some with private outdoor balconies and some with direct external stoop entrances. The property will also have an underbuilding parking garage and amenities such as a clubroom with a wet bar, a private event room, a high-end fitness center and an outdoor courtyard.
The developers plan to build the property in line with the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale, the news release said. Residents, meantime, will have quick access to NJ Transit’s Millburn station and the downtown’s mix of restaurants, wine shops, art galleries, beauty salons and other retail offerings, along with the 13-acre Taylor Park, The Mall at Short Hills and a host of area highways.
