Avalon Somerset at 500 Bristol Blvd. in Somerset — Courtesy: JLL
By Joshua Burd
A joint venture has secured $88 million in financing for its acquisition of a 384-unit luxury multifamily property in the Somerset section of Franklin, according to JLL.
Brokers with the firm represented Harbor Group International and Azure Partners, which recently completed their purchase of Avalon Somerset, in sourcing the 10-year, floating-rate loan through Freddie Mac. The deal comes after JLL’s New Jersey capital markets team also represented AvalonBay Communities Inc. in its sale of the complex at 500 Bristol Blvd., which reportedly changed hands for close to $108 million.
JLL Senior Managing Director Jamie Leachman and directors Matthew Pizzolato, Amit Kakar and Thomas E. Didio Jr. arranged the financing. The firm added that JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender, will service the loan.
Built in 2013, Avalon Somerset totals 12 three-story buildings, one four-story building and a one-and-a-half story clubhouse, according to a news release. The property features amenities such as a fitness center, an outdoor swimming pool with a sun deck and a grilling area, a residents’ lounge and a children’s playground.
The community also has 468 covered and surface parking spaces for residents, JLL said, while touting its proximity to employment hubs such as Metropark, Bridgewater, Princeton and New Brunswick. The site, meantime, provides access to major roadways such as Interstate 287, routes 27 and 1 and the New Jersey Turnpike.
