A joint venture of LCOR Inc. and Madison International Realty has landed $87.1 million in financing for Valley and Bloom, a 258-unit mixed-used community in Montclair, N.J., through PGIM Real Estate. JLL Capital Markets arranged the seven-year, floating-rate loan.
The property also includes 19,812 square feet of office space, currently leased to Regus Corp. and Sotheby’s International Realty, as well as 19,921 square feet of retail space and an attached parking space.
The six-story, two-building community encompasses a mix of studio, one-, two- and three-bedroom apartments. Interiors feature hardwood flooring, Caesarstone countertops, stainless steel appliances, as well as washers and dryers, among others. Common-area amenities include two fitness centers, two terraces with barbecue grills, two courtyards, a resident lounge, a children’s playroom and indoor bicycle storage.
Valley and Bloom is located at 34 Valley Road, less than 10 miles from Newark and 20 miles from New York City. The community has access to Walnut Street Station, with direct service to Midtown Manhattan. The property is also close to Montclair State University, Eagle Rock Reservation and Montclair Art Museum. Retail and dining options are available in the immediate area, along Bloomfield Avenue.
Senior Managing Directors Jim Cadranell and Jon Mikula, with Vice President Michael Lachs of JLL Capital Markets represented the borrower.
Just last month, JLL Capital Markets arranged a $25.5 million loan for a 122-unit luxury community in Jersey City, N.J., for 190 Academy Urban Renewal LLC.