JLL Closes $25M Acquisition Loan for New Jersey Apartments

Invel Capital has secured $25.4 million of acquisition financing for the purchase of a multifamily asset in New Jersey’s Bergen County, Commercial Observer has learned.

JLL (JLL) originated the conventional Freddie Mac-backed loan for Invel Capital’s $39 million off-market acquisition of the 111-unit Waldwick Station apartment community  in Waldwick, N.J. 

JLL arranged the debt transaction with a capital markets team led by Michael Klein, Gerard Quinn and John Cumming.

RePropCo.’s Brian Whitmer facilitated the sale in collaboration with a Cushman & Wakefield (CWK) team led by Niko Nicolaou and Ryan  Dowd.

Located at 41 West Prospect Street adjacent to New Jersey Transit’s Waldick station, the 2017-completed property features studio, one-bedroom and two-bedroom apartments. Community amenities include a café, a fitness center, a rooftop terrace, covered parking and a lounge. 

Ryan Goldstein, Adam Szabo and Steven Heller, managing principals of Invel Capital,  said in a joint statement that they were “excited by the opportunity to acquire a best-in-class community in an irreplicable location” that is situated “within one of the most sought-after markets in the nation.” 

Officials at JLL did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com