MORRISTOWN, N.J., Nov. 24, 2025 – JLL Capital Markets announced today that it has arranged the $62 million financing for the Tower Management Portfolio, a five-property, 541-unit multifamily portfolio spanning strategic locations across New York tri-state area.
JLL represented the borrower, Tower Management Service. The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
The portfolio consists of five well-positioned garden style multifamily assets with strong occupancy performance and strategic locations that provide residents access to major employment centers and transportation corridors throughout the region.
The portfolio's New Jersey assets is anchored by Spring Gardens Apartments in Summit, which was built in 1968 and consistently maintains a 97%+ occupancy rate. The New Jersey assets also include Omni Apartments. in Bergenfield, Arcadia Court Apartments, in Hackensack; and Park Engle Apartments, in Englewood.
These properties benefit from their proximity to New York City while offering residents more affordable housing options in established suburban communities. The New Jersey assets provide convenient access to major highways and public transportation, making them attractive to commuters working in Manhattan and throughout northern New Jersey.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Christian Badalamenti.
“The portfolio's diverse geographic spread and consistently strong occupancy rates of 96-100% across all properties reflect both Tower Management's exceptional asset management capabilities and the underlying resilience of these well-located suburban markets,” said Didio, Jr.
“Freddie Mac recognized the quality of both the stabilized asset performance and Tower Management's proven track record, enabling us to secure attractive 10-year fixed-rate financing that positions the portfolio for continued success,” added Quinn.
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tower Management Service
Tower Management Service, L.P. is a real estate operating company which owns approximately 2200 multi-family apartment units in approximately 20 garden style apartment communities located in New York State and New Jersey.