Everly Roseland at 28 Nob Hill Road in Roseland — Courtesy: JLL
By Joshua Burd
The owner of a 360-unit apartment community in Roseland has secured nearly $120 million in financing, in a newly announced transaction by brokers with JLL.
The real estate services firm worked on behalf of the borrower, Novel Property Ventures, to secure the financing in connection with the property at 28 Nob Hill Road. The package includes a $96.36 million senior loan through an international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management.
The JLL team of Managing Director Michael Klein and Director Matthew Pizzolato led the assignment, noting that Novel Property is using the proceeds to refinance an existing loan and to complete a renovation of what’s known as Everly Roseland.
“The borrower has done a tremendous job implementing their capital renovation program since purchasing the asset in January 2017,” Pizzolato said. “Both lenders recognized Novel’s proven success at the property and, as a result, we were able to team them up and negotiate extremely accretive financing that lowered the borrowers cost of capital while also providing them with a future funding facility to allow them to finish their renovation program.”
Built between 1979 and 1980, the property sits on 37.7 acres and includes a mix of one-, two- and three-bedroom floor plans, JLL said. Amenities include a newly constructed clubhouse, modern fitness center, swimming pool, tennis court, grilling area, on-site dog park and individual unit garage parking.
The brokerage team also touted Everly Roseland’s easy access to interstates 80, 280 and 287 and the Garden State Parkway.
“JLL is thrilled about the execution of this transaction on behalf of Novel Property Ventures,” Klein said. “Roseland and the surrounding area have a limited supply of quality Class A multifamily communities. The amenities Novel has added to the property, the upgrades it has made to the individual units and the tranquil parklike setting that surrounds the property will enable the borrower to maintain Everly’s historically high occupancy and allow it to compete with recently completed communities as well as new ones in the development pipeline for years to come.”