JV equity arranged for luxury multifamily land development in Fort Lee

MORRISTOWN, N.J., Nov. 20, 2024 – JLL Capital Markets announced today that it has arranged a joint-venture equity partnership for the development of Modera Fort Lee, a 253-unit luxury multifamily project in Fort Lee, New Jersey.

JLL worked on behalf of the sponsor, Mill Creek Residential, to arrange the equity investment through Kayne Anderson Real Estate.

Modera Fort Lee, to be situated at 55 Main St., will offer residents an unparalleled location with stunning views and convenient access to both amenities and transportation. Just a quarter-mile from the George Washington Bridge, the community will provide unobstructed vistas of the New York City skyline and Hudson River once completed. Future residents will enjoy easy access to Manhattan via the nearby bridge or ferry service, while also being within walking distance of Downtown Fort Lee's shops and restaurants.

The Northern New Jersey apartment market, particularly the Bergen County Waterfront submarket, has rebounded strongly from the COVID-19 era. The area's appeal has been further enhanced by the trend of residents seeking more space and amenities in suburban locations, making it an ideal market for new, high-quality multifamily developments.

Scheduled for groundbreaking in Q4 2024, Modera Fort Lee will rise 19 stories and offers a mix of studio, one-, two- and three-bedroom apartments with an average unit size of 972 square feet. The mixed-income community will boast high-end amenities including work pods, spacious social gathering areas, a club-quality fitness center with yoga studio, resort-style pool and courtyard on the sixth floor and an indoor/outdoor rooftop sky lounge.

JLL Capital Market’s Equity Advisory team representing the sponsor was led by Senior Managing Director Jose Cruz and Director Ryan Robertson.

"This development opportunity in Fort Lee's high-barrier-to-entry market is poised to attract a variety of renters," said Cruz. "Modera Fort Lee will offer luxury living with spectacular views and convenient access to New York City."

"Mill Creek’s track record developing Class A multifamily communities, their ability to self-perform on construction, and the Northern New Jersey market economic growth fundamentals, made this capitalization incredibly compelling to the capital markets community,” Robertson added. “It was a pleasure working with Mill Creek and we look forward to the success of this project.”

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 sales and 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.

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Mill Creek Residential Trust LLC is a national rental housing company focused on developing, acquiring, and operating rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida, proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable markets in Seattle, Portland, the San Francisco Bay area, Sacramento, Southern California, Salt Lake City, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York and Boston. As of September 30, 2024, the company’s portfolio comprises 144 communities representing over 41,000 rental homes operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.

Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $16.6 billion in assets under management across opportunistic equity, core equity and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson, a $36.4 billion alternative investment management firm with more than 40 years of successful experience across real estate, infrastructure, energy and credit. For more information, visit www.kayneanderson.com/real-estate/. (As of September 30, 2024)