MORRISTOWN, N.J. — JLL has provided $296 million in Freddie Mac financing for a portfolio of 13 multifamily properties totaling 1,880 units in New Jersey.
The portfolio consists of garden-style properties that are scattered across five Central and Northern New Jersey counties: Middlesex, Somerset, Union, Monmouth and Morris. The vintage of the properties ranges from 1959 to 1999.
Michael Klein, Thomas Didio Jr., Michael Mataras and Joseph Gruber of JLL originated the 10-year, fixed-rate loan, which was structured with interest-only payments for a portion of the term. The borrower was not disclosed.
“The borrower’s exceptional management capabilities and dedication to maintaining a well-kept, high-performing portfolio ensure these vital communities continue to deliver quality, affordable homes for residents,” says Didio.
— Taylor Williams