JLL has arranged a $50 million financing for a 275-unit multifamily community in Westampton, Burlington County, New Jersey.
JLL worked on behalf of the borrower to secure the five-year, fixed-rate loan through a life insurance company. JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Michael Klein and Director Gerard Quinn.
“The successful arrangement of permanent financing for this project demonstrates the continued strength of the multifamily market in Philadelphia’s suburbs,” said Klein. “This project’s strategic location in Westampton and its mix of luxury units and amenities position it as an attractive investment in today’s market.”
The apartment complex has convenient access to major highways and is approximately 20 miles from Center City, Philadelphia. “The Philadelphia metro area continues to be a thriving region with a diverse economy, talented workforce, and high quality of life,” added Quinn.
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