News Summary
JLL Capital Markets has arranged $29.5 million in construction financing for the Soho Park Residences, a luxury development for individuals aged 55 and older in Nutley, New Jersey. This project will feature 85 units and is expected to enhance the housing options for the aging population in the area. Featuring resort-style amenities, the residences aim to foster a vibrant community atmosphere. The strategic location near downtown Nutley and major transportation routes further adds to its appeal, ensuring convenient access for residents. Construction is slated to start in spring 2025.
JLL Capital Markets Secures $29.5 Million Financing for Luxury 55+ Housing in Nutley
JLL Capital Markets has successfully arranged $29.5 million in construction financing for the upcoming Soho Park Residences, a luxury residential development designated for individuals aged 55 and older, located in Nutley, New Jersey. This significant financing marks a crucial step towards addressing the increasing demand for upscale housing tailored for the aging population in Essex County.
The project, spearheaded by Rock Solid Builders Inc., is set to feature 85 units within a three-story building, built over a concrete parking podium. The construction is projected to commence in spring 2025 and aims for a target completion date of spring 2027.
Project Details and Amenities
The Soho Park Residences will provide a combination of one- and two-bedroom apartments, with each unit averaging around 1,110 square feet. In addition to its luxurious living spaces, the development will offer residents a plethora of resort-style amenities designed to enhance quality of life. The facilities will include a state-of-the-art fitness and wellness center, a library, a sun deck equipped with a pool, barbecue grills, fire pits, and a clubroom, fostering a vibrant community atmosphere.
Strategic Location
Strategically located at 116 Harrison Street, Soho Park Residences enjoys close proximity to downtown Nutley, providing excellent connectivity for residents. The property offers convenient access to major transportation routes, including the Garden State Parkway, Route 3, and Route 21. Additionally, the Delawanna Train Station is just 2.8 miles away, providing direct service to New York Penn Station in approximately 30 minutes.
Key Financial Arrangement
The financing for this development comes in the form of a 2.5-year, floating-rate loan from Kearny Bank. The JLL Debt Advisory team played a vital role in this financial arrangement, with a team of specialists dedicated to facilitating this significant project.
Community Impact
The development of the Soho Park Residences is part of a broader initiative to cater to the housing needs of empty nesters and older adults seeking upscale rental options. The planned amenities and community-focused design aim to create a vibrant living environment that prioritizes social interaction and well-being over mere square footage.
JLL Capital Markets, recognized as a leading provider of capital solutions for real estate investors, boasts a network of over 3,000 specialists worldwide, emphasizing their dedication to facilitating projects that meet the evolving needs of various demographics.
Looking Forward
The anticipation surrounding the Soho Park Residences underscores its potential to reshape the Nutley community. By providing accessible luxury housing to the aging population, this project not only addresses a pressing demand but also represents a commitment to enhancing the quality of life for future residents. As construction plans proceed, the local community eagerly awaits the benefits and opportunities that this development will bring.
Deeper Dive: News & Info About This Topic
Additional Resources
- Yield Pro: Soho Park Residences
- Wikipedia: Aging in Place
- Patch: Luxury Apartments for Seniors in Nutley
- Google Search: Senior Housing Finance
- Yield Pro: Level at Sixteenth
- Google Scholar: Aging Population Housing
- Yield Pro: Ward Avenue
- Encyclopedia Britannica: Senior Living
- Yield Pro: Avana Desert View
- Google News: Real Estate Development
- Yield Pro: The Lively Drayton Mills
Author: Construction FL News
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