JLL Capital Markets recently announced that it closed $20 million in construction financing for 397 Millburn Ave, Millburn, New Jersey. The luxury apartment development will be three stories and offer 53 units.
JLL worked on behalf of the borrower, Eagle Cliff Real Estate Partners and MRY Associates, to secure the three-year, floating-rate loan through Provident Bank.
397 Millburn Ave is anticipated to be completed in early 2024. The apartment homes will feature one- and two-bedroom layouts, some with private outdoor balconies and others with external stoop entrances. Unit features are set to include Quartz countertops, stainless steel appliances, nine-foot ceilings, and in-unit washers and dryers. Community amenities include a club room with a wet bar, fitness center, outdoor courtyard, and a private event room. The property, which is being developed to LEED standards, will also have an underbuilding parking garage for residents.
NJ Transit’s Millburn station is .5 miles from the development, and the train ride to NYC’s Penn Station is approximately 45 minutes. The property is also close to Taylor Park and a ten-minute drive to The Mall at Short Hills.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula and Analyst Salvatore Buzzerio.
“Transit-oriented communities such as Millburn are in need of new, high-end multi-housing options,” said Mikula. “Eagle Cliff and MRY will be providing an amazing project that will help transform downtown Millburn.”