JLL Capital Markets arranged the $62-million financing for the Tower Management Portfolio, a five-property, 541-unit multifamily portfolio across the New York tri-state area. Senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn, associate Michael Mataras and analyst Christian Badalamenti represented the borrower, Tower Management Service.
Four of the portfolio’s assets are located in New Jersey, anchored by Spring Gardens Apartments in Summit, which was built in 1968 and consistently maintains a 97%+ occupancy rate. The New Jersey assets also include Omni Apartments in Bergenfield, Arcadia Court Apartments in Hackensack and Park Engle Apartments in Englewood.
“The portfolio’s diverse geographic spread and consistently strong occupancy rates of 96-100% across all properties reflect both Tower Management’s exceptional asset management capabilities and the underlying resilience of these well-located suburban markets,” said Didio, Jr.
Quinn added, “Freddie Mac recognized the quality of both the stabilized asset performance and Tower Management’s proven track record, enabling us to secure attractive 10-year fixed-rate financing that positions the portfolio for continued success.”
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