Valley and Bloom at 34 Valley Road in Montclair — Courtesy: JLL
By Joshua Burd
The owners of a two-building, 258-unit multifamily property in Montclair have closed on more than $87 million in financing for the asset, in a deal arranged by JLL.
According to the brokerage team, PGIM Real Estate is providing the seven-year, floating-rate loan to LCOR Inc. and Madison International Realty. Proceeds will support Valley and Bloom, which includes upscale apartments as well as 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage at 34 Valley Road.
“Valley and Bloom is a best-in-class asset that has performed extremely well,” JLL’s Jim Cadranell said. “It was a pleasure to work with LCOR, Madison and PGIM on this transaction.”
Cadranell and Jon Mikula, both senior managing directors with JLL, and Vice President Michael Lachs sourced the $87.1 million loan on the joint venture’s behalf. In a news release Tuesday, they noted that the six-story property has a mix of luxury studio, one-, two- and three-bedroom units and amenities such as two fitness centers, two rooftop terraces with grills, two courtyard lounge areas with fire pits and a resident lounge and club room, among others.
Meantime, the ground-floor office space is currently leased to Regus Corp. and Sotheby’s International Realty, while the retail space is home to the likes of Cycle Bar, Hand & Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant.
“Demand is strong for new luxury multi-housing in transit-oriented communities,” Mikula said.
Valley and Bloom, which has opened in phases over the past decade, is also in the town’s main business district and within one mile of two NJ Transit commuter rail stations. Also nearby are the Garden State Parkway, Route 23 and interstates 280 and 80, along with Montclair State University and multiple parks.
“We are pleased to complete this transaction in partnership with JLL,” said Justin Levitt, executive director of financing at PGIM Real Estate, who led the transaction on behalf of the firm. “Multifamily continues to be a favored asset class and Valley and Bloom is a top asset for tenants and investors alike.”