A rendering of a proposed mixed-use development at 104 Baker St. in Maplewood, where plans call for 11 luxury apartments and 3,500 square feet of retail space — Courtesy: JLL/UHL Architecture
By Joshua Burd
A developer has secured construction financing for a project that will bring new apartments and commercial space to downtown Maplewood, in a newly announced transaction by JLL.
Brokers with the firm represented Iron Ore Properties, the borrower and developer, in arranging the loan for the project at 104 Baker St. The financing, the terms of which were not disclosed, will support a 25,000-square-foot building that will include 11 luxury rentals, 3,500 square feet of street-level retail space and on-site parking.
JLL Senior Managing Director Michael Klein and Associate Max Custer led the debt placement team, the firm said. Provident Bank is providing the three-year loan.
“With very few developable sites in downtown Maplewood, 104 Baker Street presents an outstanding opportunity to deliver new apartments and commercial space to a vibrant community,” Custer said. “Despite the ongoing COVID-19 environment, the project’s outstanding fundamentals allowed JLL to secure competitive development financing on behalf of the borrower.”
The Murphy Schiller & Wilkes LLP real estate finance team, led by Charles J. Wilkes, assisted Iron Ore in the transaction with Provident Bank. Prior to obtaining the loan, MSW’s Matthew J. Schiller negotiated a long-term ground lease for the property on behalf of ownership.
In a news release, JLL said 104 Baker sits in the heart of the township’s vibrant downtown corridor and is just a quarter-mile from NJ Transit rail service. Iron Ore has designed the project to “significantly exceed” standards under the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale, while offering upscale finishes and appliances in each unit.
Residents will also benefit from an indoor and outdoor rooftop terrace and immediate access to Maplewood’s active commercial district, which is home to shops and restaurants.
