Natixis Supplies $54M Acquisition Loan for NJ Multifamily Purchase
By Andrew Coen December 6, 2021 4:02 pm
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Mill Creek Residential and Cigna Investment Management have sealed a $54 million debt package to acquire a multifamily property in Northern New Jersey.
Natixis provided the five-year Secured Overnight Financing Rate (SOFR)-based, floating-rate loan for the joint venture’s purchase of Montclair Residences at Bay Street Station in Montclair, N.J, the lender announced Monday.
The SOFR transaction was arranged by a JLL (JLL) Capital Markets team of Matthew Pizzolato, Andy Scott, Tom Didio, Jr. and Gerard Quinn.
Located at 11 Pine Street, next to New Jersey Transit’s Bay Street Station, the 2009-built property comprises 163 apartment units. Its amenities include central courtyard, heated swimming pool, sundeck, outdoor terrace area with fire pit and grill stations, fitness center, resident lounge, internet café, dog park and covered garage parking on the basement level.
Officials for Mill Creek and Cigna did not immediately return requests for comment. The JV acquired the property from Clarion Partners, which had owned the asset since late 2012.
Andrew Coen can be reached at acoen@commercialobserver.com.
