Montclair Residences at Bay Street Station at 11 Pine St. in Montclair — Courtesy: JLL
By Joshua Burd
The recent buyers of a 163-unit multifamily property in Montclair have landed a $54 million acquisition loan for the property, according to a debt placement team with JLL.
The borrowers, Mill Creek Residential Trust LLC and Cigna Investment Management, paid an undisclosed price for what’s known as Montclair Residences at Bay Street Station at 11 Pine St. JLL announced Monday that Natixis Corporate & Investment Banking is providing a five-year, floating-rate loan based on the Federal Reserve Bank of New York’s Term Secured Overnight Financing Rate, having brokered both the original sale and the subsequent financing.
The JLL team representing the borrowers included Andy Scott, Matthew Pizzolato, Thomas E. Didio, Jr. and Gerard Quinn.
“We saw significant interest from the lending community given the premier institutional sponsorship and the property’s location in downtown Montclair,” Pizzolato said. “Natixis stepped up to offer attractive terms that will allow our client to execute on their business plan.”
Built in 2009, Montclair Residences at Bay Street Station is a collection of studio, one-bedroom and two-bedroom apartments with high-end finishes and amenities such as a heated swimming pool with a sundeck, a barbeque and fire-pit lounge, a modern fitness center and a resident’s lounge. The complex also has direct access to NJ Transit’s Bay Street station, which provides a 35-minute commute to Midtown Manhattan, and to Montclair’s well-known downtown.
