Ownership Of Large Apartment Building In Montclair Swaps Hands

MONTCLAIR, NJ — A large apartment building in Montclair has a new owner, and they just nailed down $54 million in financing, a firm says.

Last week, JLL Capital Markets announced that Clarion Partners LLC has sold Montclair Residences at Bay Street Station to Florida-based Mill Creek Residential Trust LLC and Cigna Investment Management.

The 163-unit “multi-housing community” was built in 2009. It has seven studio apartments, 108 one-bedroom apartments and 48 two-bedroom residences. Amenities include a heated swimming pool with a sundeck, a barbeque and fire-pit lounge, a state-of-the-art fitness center, a covered parking garage, a resident’s lounge, an internet café and direct access to the Bay Street Train Station.

The property is located in downtown Montclair, “one of New Jersey’s most sought-after and affluent towns,” JLL Capital Markets stated.

“The Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process,” said Jose Cruz, a member of the team representing the seller.

On Monday, JLL announced another big development for the property: $54 million in acquisition financing.

According to the firm:

“JLL worked on behalf of the borrower, Mill Creek Residential Trust, LLC and Cigna Investment Management, to secure a five-year, Term SOFR-based, floating-rate loan for the joint-venture through Natixis Corporate & Investment Banking. JLL also represented the seller in this transaction.”

“We saw significant interest from the lending community given the premier institutional sponsorship and the property’s location in downtown Montclair,” said Matthew Pizzolato of JLL. “Natixis stepped up to offer attractive terms that will allow our client to execute on their business plan.”

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