A rendering of a building at 34 Bank St., a planned 126-unit apartment community in Netcong — Courtesy: Circle Squared Alternative Investments
By Joshua Burd
M&T Bank is providing nearly $20 million in construction financing for a joint venture’s new 126-unit apartment development in Netcong, in a transaction arranged by JLL.
The real estate services firm announced Monday that it represented the developers — CrownPoint Group, The Hampshire Cos. and Circle Squared Alternative Investments — in sourcing the 36-month, floating-rate construction loan. The $19.88 million financing package will support the development of 34 Bank, a four-building complex just north of Route 46 and east of Interstate 80.
JLL Senior Managing Director Jon Mikula and Managing Director Michael Klein completed the assignment.
“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.
Slated for completion next year, 34 Bank will be within walking distance of the Netcong train station and the borough’s downtown. It will feature one-, two- and three-bedroom options and include 13 apartments reserved for the municipality’s affordable housing obligations.
JLL also highlighted amenities such as a great room with business stations, communal kitchen, gas fireplace, large-screen TVs, fitness facility and electric car charging stations. Outdoor amenities include a community gathering space with fire pit and a walking path along the Musconetcong River, along with on-site parking and optional private garages.
“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula said. “It was a pleasure to work with them on this transaction.”