JLL Capital Markets has arranged the $88.6 million construction financing and the $38 million equity placement for Canterly Place, a 300-unit, class A apartment building to be built in Livingston, Essex County, N.J.
JLL represented the sponsor, Okner Developers to secure the 10-year, fixed-rate construction loan through Northwestern Mutual. JLL also arranged the joint venture equity with Northwestern Mutual.
Canterly Place will feature 240 market-rate units and 60 affordable-rate units. The units will feature one-, two- and three-bedroom floorplans with designer kitchens, hardwood-style flooring, oversized windows, walk-in closets, and in-unit, full-size washers and dryers. Community amenities will include a hotel-style lobby; upscale clubroom; library lounge; private dining; game room; state-of-the-art fitness center, co-working, work-from-home lounge; golf simulator; resort-style pool, paved walking path/fitness trail; basketball court and pickleball court.
