The Beacon at Summit at 123-127 Summit Ave. in Summit — Courtesy: JLL
By Joshua Burd
The owner of a 37-unit luxury apartment complex in downtown Summit has refinanced the property for $11.5 million, in a newly announced deal by JLL.
According to the brokerage team, Investors Bank provided the 10-year, fixed-rate, non-recourse loan to New Darlington LLC for what’s known as The Beacon at Summit. JLL’s Jon Mikula, Jake Moore and Salvatore Buzzerio represented the borrower, noting that the property at 123-127 Summit Ave. consists of two renovated buildings and a third that was built more recently.
The Beacon’s one-, two- and three-bedroom homes feature high-end materials, appliances and finishes, while residents can access amenities such as a rooftop terrace, a fitness center, a resident club room and an outdoor courtyard space, among others. They’re also a short walk from downtown Summit’s mix of shops, restaurants and entertainment options, a five-minute walk from the Summit train station and two miles from The Mall at Short Hills.
