An undisclosed borrower secured $50 million in financing in connection with a 275-unit multifamily property in Westampton. — Courtesy: JLL
By Joshua Burd
The owner of a 275-unit multifamily property in the Burlington County township of Westampton has snagged $50 million in financing, in a newly announced deal by JLL.
In a news release, the debt placement team said a life insurance company provided the five-year, fixed-rate loan in connection with the undisclosed property. JLL Senior Managing Director Michael Klein and Director Gerard Quinn sourced the transaction on the borrower’s behalf, citing the appeal of a complex that is close to major highways and roughly 20 miles from Center City Philadelphia, providing connections to the region’s diverse economy, talented workforce and high quality of life.
“The successful arrangement of permanent financing for this project demonstrates the continued strength of the multifamily market in Philadelphia’s suburbs,” Klein said. “This project’s strategic location in Westampton and its mix of luxury units and amenities position it as an attractive investment in today’s market.”
Quinn added: “Despite the current volatility in the broader capital markets, the multifamily lending sector continues to demonstrate robust liquidity and favorable terms. This transaction exemplifies our ability to secure optimal financing for a high-quality multifamily asset, even in challenging market conditions.”
