$28.48M loan secured for multi-unit community development in Morristown
The Hampshire Cos. secured a three-year, $28.48 million fixed-rate construction loan through a correspondent life insurance company for 85 units at 175 Morris St. in Morristown, according to a Tuesday announcement from JLL Capital Markets.
The JLL Capital Markets sales and advisory team representing the seller was led by senior managing directors Michael Klein and Jon Mikula.
“Demand for new luxury multi-unit housing in Morristown has increased since COVID as the town has attracted businesses and residents,” Mikula said.
“The lender was able to provide Hampshire Cos. with a unique structure that allowed them to maximize leverage at a blended rate that was extremely attractive to our client,” Klein added.
Units in the four-story property will feature stainless steel appliances, engineered wood floors in living rooms, tiled bathrooms, quartz/granite countertops, integrated washers and dryers, and a heating system and split-system cooling. The asset will include modern amenities such as a fitness center, co-working space and 610 square feet of retail space for a cafe.
Located at 175 Morris St., the community is less than a five-minute walk from Morristown Station, which offers direct access to New York Penn Station via the New Jersey Transit Rail. This location offers proximity to Interstate 287 and Route 24, allowing convenient travel to local employment hubs such as Florham Park, Madison, Parsippany, Short Hills, Metropark and Newark.
The community is just five minutes from Morristown Medical Center and less than 20 minutes from Short Hills Mall. Plus, residents will be close to the restaurants, bars and historic sites of Morristown Green and the shops along South Street and Bank Street.
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