JLL arranges $57.5M financing for new Englewood multi-housing property
This post was written by Jessica Perry and published on 11/16/2022 on njbiz.com
EVO is a newly built 220-unit luxury multi-housing community in Englewood. – JLL
JLL Capital Markets arranged $57.5 million financing for EVO, a new multi-housing luxury offering in downtown Englewood.
The firm said Nov. 16 it represented the sponsorship – a joint venture of Morristown-based Claremont Development, Cypress Equity Investments and Battery Global Advisors – to secure the eight-year, fixed-rate loan through The Guardian Life Insurance Group of America.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula, Associate Gerard Quinn and Analyst Benjamin Morgenthal.
According to Klein, the achievement marks a full-circle moment for JLL, which has secured financing for EVO over its evolution, “starting with the construction loan we placed on the property in 2019 … to secur[ing] permanent financing as the property stabilizes,” he said in a statement.
“EVO has been a tremendous success and addition to downtown Englewood,” Mikula added. “Guardian was able to quickly understand nuances of the project and lock down this transaction in a fast-moving capital markets environment.”
Located at 40 Bennett Road, the 220-unit EVO offers studio, one- and two-bedroom living spaces with 9-foot ceilings, chef-inspired kitchens with stone countertops, tile backsplashes, stainless steel appliances, plank flooring, oversized windows, walk-in closets, washers and dryers, and private outdoor space for select residences.
Among its community amenities are resident and coworking lounges, a fitness center, yoga studio, outdoor swimming pool, outdoor bar, club room, fire pits and a pet spa.
EVO offers direct connections to the George Washington Bridge, Interstate 80, Route 17 and the Garden State Parkway in minutes. Just over a mile away is the entrance to the New Jersey Turnpike with the Palisades Interstate Parkway also nearby. Locally, the property is situated in walkable downtown Englewood, with access to its restaurants and parks.