JLL recently secured $45.5 million in financing for Tidewater Real Estate, the owner of a 321-unit apartment portfolio including Village Manor (left) at 41 Warren St. in Nutley and Palisades Manor at 82 West Palisades Blvd. in Palisades Park. — Courtesy: JLL
By Joshua Burd
The owner of two garden apartment complexes in Essex and Bergen counties has secured nearly $46 million in financing, in a set of newly announced transactions by JLL.
According to the debt placement team, John Hancock is providing the loans to Tidewater Real Estate for the 321-unit portfolio. The package includes $31.5 million in financing for the 227-unit Village Manor property, located at 41 Warren St. in Nutley, and $14 million for the 94-unit Palisades Manor at 82 West Palisades Blvd. in Palisades Park.
JLL sourced both fixed-rate loans through its correspondent relationship with John Hancock, noting that each has a 30-year self-liquidating term.
“We were pleased to place these long-term 30-year fixed rate loans through our correspondent relationship with John Hancock,” JLL’s Greg Nalbandian said. “These assets have outperformed their respective markets historically and have been very well-maintained by the sponsor over the years. Our client took advantage of historically low interest rates and locked an extremely attractive rate for each asset for the next 30 years.”
Nalbandian, a senior managing director, led the assignment alongside JLL Vice President Michael Lachs. They noted that Village Manor and Palisades Manor were built in 1950 and 1935, respectively, offering proximity to Manhattan and destinations in northern New Jersey.
