EVO at 40 Bennett Road in Englewood — Courtesy: JLL
By Joshua Burd
A joint venture has snagged nearly $58 million in permanent financing for a newly built, 220-unit apartment property in downtown Englewood, brokers with JLL announced.
In a news release, the debt placement team said The Guardian Life Insurance Group of America provided the eight-year, fixed-rate loan in connection with the complex at 40 Bennett Road. JLL senior managing directors Michael Klein and Jon Mikula, Associate Gerard Quinn and Analyst Benjamin Morgenthal sourced the $57.5 million deal on behalf of the sponsorship, which includes Claremont Development, Cypress Equity Investments and Battery Global Advisors.
Known as EVO, the development is a mix of upscale studio, one-bedroom and two-bedroom rentals.
“JLL is pleased to have secured financing for EVO as the project evolved, starting with the construction loan we placed on the property in 2019 and now coming full circle to secure permanent financing as the property stabilizes,” Klein said.
The brokers added that EVO has amenities such as a resident lounge, a co-working lounge, a fitness center, an outdoor swimming pool and other spaces. Residents benefit from quick access to Route 4, which is about a mile away, and connections to the George Washington Bridge, Interstate 80, Route 17 and the Garden State Parkway.
The site is also within walking distance of downtown Englewood’s restaurants and parks.
“EVO has been a tremendous success and addition to downtown Englewood,” Mikula said. “Guardian was able to quickly understand nuances of the project and lock down this transaction in a fast-moving capital markets environment.”
