Walnut Hill in Clark, New Jersey

JLL Capital Markets Arranges $49.5 Million in Financing for Walnut Hill in Clark, New Jersey

by Channing Hamilton

CLARK, N.J. — JLL Capital Markets has arranged $49.5 million in financing for Walnut Hill, a 177-unit complex in Clark, 23 miles southwest of New York City. An affiliate of Garden Communities was the borrower. Evan Pariser, Matthew Pizzolato and Jackie Ferrer led the Debt Advisory team that represented the borrower and negotiated the 10-year, fixed-rate loan from Nationwide.

Recently completed in 2023, Walnut Hill comprises 240,000 square feet across a pair of four-story buildings. Of the total unit count, 28 are affordable. Income restrictions for these units were not disclosed. Apartments come in one-, two- and three-bedroom layouts. Amenities include a fitness center, pool, clubhouse with lounges and a game room. The asset is situated less than two miles from Cranford Station, which features a connection to New York City’s Penn Station, and is just 20 minutes west of Lower Manhattan.

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