MORRISTOWN, NJ – JLL Capital Markets announced today that it has arranged the $87.1 million financing of Valley and Bloom, a two-building, 258-unit, mixed-use multi-housing community in Montclair, New Jersey. In addition to the residential units, the property also includes 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage.
JLL worked on behalf of the borrower, a joint venture between LCOR, Inc. and Madison International Realty, to secure a seven-year, floating-rate loan through PGIM Real Estate, the $209.3 billion real estate business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU), on behalf of its core strategy.
The six-story Valley and Bloom consists of studio, one-, two- and three-bedroom units with hardwood flooring, Caesarstone countertops, center islands, full-size washers and dryers, stainless steel appliances, tile flooring in bathrooms and 9.5-foot ceiling heights. The property’s amenity package includes two fitness centers, two rooftop terraces with barbecue grills, two courtyard lounge areas with fire pits, a resident lounge/club room, a Click Café, a children’s playroom and indoor bicycle storage. The ground floor office space is currently leased to Regus Corporation and Sotheby’s International Realty. The retail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant.
At 34 Valley Rd., Valley and Bloom is conveniently situated in the main business district of the Township. The community is located within one mile of two NJ Transit commuter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is proximate to the Garden State Parkway, Route 23, Interstate 280 and Interstate 80. The property is also near Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Reservation.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Vice President Michael Lachs.
“Valley and Bloom is a best-in-class asset that has performed extremely well. It was a pleasure to work with LCOR, Madison, and PGIM on this transaction,” stated Cadranell.
“Demand is strong for new luxury multi-housing in transit-oriented communities,” added Mikula.
“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.”