$87.1M financing arranged for New Jersey multi-housing community

MORRISTOWN, June 21, 2022 – 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

LCOR is a fully integrated real estate investment, development, and management company with a track record of over $9.5 billion of projects that are completed, under construction and in pre-development representing more than 21,000 residential units and 20 million square feet of commercial space.

As one of the largest real estate managers in the world with $209.3 billion in gross assets under management and administration,¹ PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,² and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.

¹ As of December 31, 2021, net AUM is $137.9 billion and AUA is $45.9 billion.

² Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world, with $1.4 trillion in assets under management as of March 31, 2022. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.

Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Luxembourg, Amsterdam and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.