Western & Southern Life Insurance Lends $28M to Purchase NJ Apartments

A joint venture led by Invel Capital in partnership with Pearlmark Real Estate has sealed $27.5 million of acquisition financing for the purchase of a newly completed multifamily building in northern New Jersey, property records show.

Western & Southern Life Insurance Company provided the loan for the sponsorship’s $40.8 million acquisition of  the 70-unit apartment complex at 555 Northfield Avenue in West Orange, N.J., according to Essex County property records. The property also features two commercial units, including a 17,000-square-foot space leased to Primrose School of West Orange. 

“We were drawn to this opportunity by a combination of factors that afford the property a unique, durable competitive advantage in a rapidly shifting marketplace,” Ryan Goldstein, managing principal of Invel Capital, said in a statement. 

JLL negotiated the financing with a debt advisory team led by Michael Klein and Gerard Quinn. The sale was arranged by a JLL capital markets team of Michael Oliver, Steve Simonelli, Jose Cruz, Ryan Robertson, Elizabeth DeVesty and Austin Pierce.

The 2023-built property is steps from a 1,550-space Park-N-Ride that offers bus service to  Midtown Manhattan. Community amenities include covered parking with electric vehicle charging stations, a fitness center, a yoga room and a dog run.  

Vinyl Real Estate Management will assume the role of property manager under the new ownership. 

Western & Southern Life Insurance Company and Pearlmark Real Estate did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.