Truist Provides $50M in Construction Financing for NJ Luxury Housing Project
JLL Capital Markets worked with Truist to secure the financing for the multifamily property
By Brian Pascus June 21, 2023 12:57 pm
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Continental Properties secured a $49.7 million construction loan on Highgate, a 169-unit, luxury multifamily apartment development in Livingston, a New Jersey township roughly an hour from New York City.
Truist Bank provided the floating-rate construction loan, and JLL (JLL)’s Michael Gigliotti and Matthew Pizzolato arranged the financing.
Terms of the loan were not disclosed.
“In a challenging debt market, Truist saw the extraordinary combination of a best-in-class developer, a strong local market, and the exceptional quality of the project,” Gigliotti said in a statement. “They delivered competitive loan terms meeting our client’s expectations.”
Highgate will rise four stories and feature 141 market-rate one-, two- and three-bedroom apartments, all of which will feature stainless steel appliances, in-unit washer and dryers, walk-in closets, 10-foot ceilings and various smart technologies. The entrance lobby is modeled after luxury hotels and features a multi-story fireplace, while amenities within the building include a coworking lounge, dining hall, and a fitness center with a yoga studio, according to JLL. Outdoor amenities include a swimming pool, fire pits, an outdoor kitchen and a dog run.
Once completed, Highgate will be “the highest-quality luxury community” in the Northern New Jersey township, Pizzolato said.
“The project will set a new bar for finishes and amenities for a discerning and underserved market,” he said. “We are proud to play a role in bringing this important project to the market.”
Continental Properties is a residential and commercial development, redevelopment and property management firm headquartered in New York City and built more than 25,000 homes and residences, mainly in New York, New Jersey, Florida, Connecticut and California.
Continental Properties did not respond to a request for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
