BNE Real Estate Group has secured $103 million to refinance The Ivy Chatham, a six-story, 245-unit luxury multifamily apartment complex that opened last year in New Jersey’s Morris County.
Northwestern Mutual provided the financing, a 10-year, fixed-rate loan, while the JLL Capital Markets team of Michael Klein, Thomas E. Didio Jr. and Ryan Carroll arranged the deal on behalf of BNE Real Estate Group.
JLL’s Klein called The Ivy Chatham “one of Northern New Jersey’s premier rental communities,” in a statement.
“The significant amount of interest from lenders prior to the property’s stabilization is a testament to the quality of the product, highly desirable location and strength of the sponsor,” he said.
Located at 2 River Road in Chatham, a five-minute drive from both the Canoe Brook Country Club and The Mall at Short Hills, The Ivy Chatham features one- to three-bedroom apartments. The complex’s amenities include an outdoor pool with cabanas, a covered outdoor lounge, a screening room, fire pits, a fitness center, a sports simulator, a kids room, and a pet spa.
Sitting near Interstate 78 and the Garden State Parkway, the property is close to New York City, Philadelphia and Liberty-Newark International Airport. The Summit Train Station is less than two miles from residents, and the line provides direct access into Manhattan in (theoretically) less than 45 minutes.
BNE Real Estate Group did not respond to a request for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, Finance, Refinance, 2 River Road, Michael Klein, Ryan Carroll, The Ivy Chatham, Thomas E. Didio Jr., New Jersey, BNE Real Estate Group, JLL Capital Markets, Northwestern Mutual Commercial Observer