The Tower Management Portfolio, a five-property, 541-unit multifamily portfolio across the New York tri-state area, including four assets in Northern New Jersey, has successfully secured $62 million in financing. JLL Capital Markets announced this arrangement.
JLL Capital Market’s Debt Advisory team worked on behalf of the borrower, River Edge-based Tower Management Service, L.P. The group was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Associate Michael Mataras, and Analyst Christian Badalamenti. JLL Real Estate Capital, LLC will service the loans.
The Tower Management Portfolio includes four garden-style multifamily properties in New Jersey. Spring Gardens Apartments in Summit was built in 1968 and maintains a 97%+ occupancy rate. The other New Jersey assets include Omni Apartments in Bergenfield, Arcadia Court Apartments in Hackensack, and Park Engle Apartments in Englewood. These all deliver strong occupancy performance as well.
“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,” commented JLL’s Didio, Jr.
All properties in the portfolio provide more affordable suburban housing options for workers commuting to Manhattan. Each New Jersey location offers easy access to major highways and public transportation.
“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 JLL’s Quinn.
Tower Management Service owns roughly 2,200 multifamily apartment units in nearly two dozen garden-style residential communities in New York State and New Jersey.
