Affiliate of Garden Communities secures $49.5m financing for newly built multi-housing community in N.J.
An affiliate of Garden Communities announced that it has secured $49.5 million 10-year, fixed-rate financing for Walnut Hill, a newly constructed luxury multi-housing rental community with 177 apartments located in Clark, N.J.
JLL represented the borrower and procured the financing from Nationwide.
Newly built in 2023, the four-story, two-building, elevatored community features 149 market-rate apartments and 28 affordable residences across more than 240,000 square feet. The property offers a highly curated unit mix of one-, two- and three-bedroom designs with private balconies/patios, hardwood floors, stainless steel appliances, granite countertops, designer finishes and full-size washers and dryers. Walnut Hill also offers amenities such as a fitness center, a resort-style pool and a large clubhouse outfitted with lounges and a game room.
The property sits in one of the fastest-growing multi-housing submarkets in northern New Jersey due to an influx of institut