JLL Capital Markets arranged the refinancing loan for the 37-unit The Beacon at Summit in Summit, New Jersey
News release
11 April 2022
$11.5M in refinancing secured for New Jersey multi-housing community
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MORRISTOWN, April 11, 2022 – JLL Capital Markets announced that it has arranged $11.5 million in permanent refinancing for The Beacon at Summit, a 37-unit multi-housing community located in Summit, New Jersey.
JLL represented the borrower, New Darlington, LLC, to secure a 10-year, fixed-rate, non-recourse refinancing loan, through Investors Bank.
Consisting of two newly renovated buildings and one newly built building, The Beacon at Summit offers a mix of one-, two- and three-bedroom residences with in-unit washer and dryer units, quartz countertops, luxury wood flooring, gas cooking, walk-in closets and oversized windows. Community amenities include a rooftop terrace, a fitness center, a resident club room, an outdoor courtyard space, a bike and resident storage and below-ground automated parking.
Located at 123-127 Summit Ave., the community is situated in the heart of downtown Summit and offers residents access to the retail within the district, including specialty shops, clothing stores, diverse restaurants and entertainment options. The community is within two miles of The Mall at Short Hills, one of the finest upscale retail malls in the country. Additionally, the property is just a five-minute walk from the Summit Train Station, which provides transportation to New York Penn Station in 45 minutes. By car, New York City is just 30 minutes away and the Newark Liberty International Airport can be reached in 20 minutes.
The JLL Capital Markets Advisory Team representing the borrower was led by Jon Mikula, Jake Moore and Salvatore Buzzerio.
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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.