JLL Capital Markets Secures $29.5 Million Financing for Luxury Housing in Nutley

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.

Construction Financing Secured for Luxury 55+ Development in Nutley

JLL Capital Markets has announced the successful arrangement of $29.5 million in construction financing for the Soho Park Residences, an anticipated luxury residential development in Nutley, New Jersey. This project signifies a significant step forward in providing high-quality housing options for the growing population of individuals aged 55 and older.

Project Overview

The Soho Park Residences is designed as an 85-unit luxury building that will be age-restricted to residents 55 and above. Developed by Rock Solid Builders Inc., the project is set to begin vertical construction in spring 2025, with an expected completion date in spring 2027. The building will feature a contemporary three-story design built over a concrete parking podium, addressing the increasing demand for luxury rental options tailored for empty nesters.

Convenient Location and Accessibility

Strategically located at 116 Harrison Street, the development is conveniently situated just steps away from downtown Nutley, offering residents easy access to essential amenities and services. Major highways including the Garden State Parkway, Route 3, and Route 21 are in close proximity, enhancing connectivity for future residents. For those who prefer public transportation, the Delawanna Train Station is just 2.8 miles away and provides direct services to New York Penn Station within approximately 30 minutes.

Luxury Amenities and Features

The Soho Park Residences will provide a variety of luxurious living options, consisting of a mix of one- and two-bedroom apartments. Each unit will have an average size of approximately 1,110 square feet. Residents will enjoy a wealth of resort-style amenities, designed to enhance the overall living experience. These amenities will include:

• State-of-the-art fitness and wellness center
• Library
• Sun deck with pool
• BBQ grills
• Firepits
• Clubroom

Financial Details and Background

The financing for this project was facilitated through a 2.5-year, floating-rate loan with Kearny Bank. JLL’s Debt Advisory team played a crucial role in securing this financing and was comprised of experienced professionals. This team is committed to addressing the specific needs of developers and real estate investors in today’s market.

Community Impact

The Soho Park Residences aims to create not just a living space, but a social footprint in the Nutley community. The development comes at a critical time when there is a noticeable demand for high-end rental housing catered to the aging population in Essex County. As more individuals seek to downsize from larger homes, developments like this will play an essential role in meeting their housing needs.

Conclusion

The announcement of the Soho Park Residences reflects a proactive approach to enhancing the local housing market for seniors. With anticipated luxurious features, a strategic location, and thoughtful design, this project promises to contribute significantly to the Nutley community while supporting a growing demographic. As the construction progresses over the next few years, the area can look forward to a new residential option that aligns with modern living standards.

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