Nationwide Lends $43M to Recap Newly Built New Jersey Resi Complex
Nationwide Life Insurance Company has provided $43 million in permanent financing to an affiliate of Mack-Cali Realty Corporation for a new multifamily community called Signature Place in Morris Plains, N.J., according to information from JLL, which brokered the debt.
The five-year, fixed-rate and interest-only debt retired existing construction financing used by developer and Mack-Cali affiliate Roseland Residential Trust to build the 197-unit complex, which was completed last year.
A JLL team led by senior managing directors Jon Mikula and Greg Nalbandian, with analysts Andrew Zilenziger and Carlos Silva represented the borrowing party in the transaction.
“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” Nalbandian said in prepared remarks. “Nationwide delivered an overall excellent deal with very tight pricing … and optimum prepayment structure.”
Located at 250 Johnson Road in Morris Plains, the site was formerly home to a vacant Mack-Cali office property that was converted. The project was Roseland’s first office to residential strategic repositioning, according to information from Mack-Cali.
The complex sports one- and two-bedroom units, with private balconies and terraces included with select residences, according to information from Mack-Cali’s website. It features amenities such as an outdoor swimming pool with a hot tub, a club room with a communal fireplace, lounges and billiards and shuffleboard, a movie theater, two conference rooms, a golf simulator, a fitness center, tennis courts, a “dog run” and pet spa and a walking trail; it also includes a social area with a fire pit, a TV, gas grills and dining tables.
It’s location provides relatively close access to the Morris Plains NJ Transit rail stop, giving residents direct access to Manhattan.
Current monthly rents range from around $2,300 for one-bedrooms to over $3,200 for two-bedroom units, according to Apartments.com.
An official at Nationwide Real Estate Investments did not immediately respond to an inquiry. A representative for Mack-Cali and Roseland was not immediately available.