Nutley Apartment Building Refinanced For $31.5 Million

NUTLEY, NJ — The owner of an apartment building in Nutley recently scored $31.5 million in refinancing, spurred on by “historically low interest rates,” according to a real estate firm.

JLL Capital Markets recently announced that it has arranged a $31.5 million loan on behalf of Tidewater Real Estate for Village Manor, a “garden-style” apartment community in Nutley.

The fixed-rate loan has a 30-year self-liquidating term, JLL reported.

Village Manor includes 227 one- and two-bedroom units, ranging from 659 to 910 square feet each. Built in 1950, the units feature air conditioning, high-speed internet access and hardwood floors.

JLL also helped Tidewater Real Estate arrange a similar $14 million loan for Palisades Manor, a four-story, 94-unit apartment community in Palisades Park.

“We were pleased to place these long-term 30-year fixed rate loans through our correspondent relationship with John Hancock,” senior managing director Greg Nalbandian said.

“These assets have outperformed their respective markets historically and have been very well maintained by the sponsor over the years,” Nalbandian added. “Our client took advantage of historically low interest rates and locked an extremely attractive rate for each asset for the next 30 years.”

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