JLL Capital Markets arranged a $50 million financing for a 275-unit multifamily community in Westampton, according to a Wednesday announcement.
JLL worked on behalf of the borrower to secure the five-year, fixed-rate loan through a life insurance company.
The Class A apartment complex has convenient access to major highways and is approximately 20 miles from Center City Philadelphia. The community’s location in Burlington County appeals to those seeking suburban living with connections to major employers and urban amenities.
The Philadelphia metro area continues to be a thriving region with a diverse economy, talented workforce and high quality of life. Westampton, in particular, has seen growing interest as a desirable suburban location within commuting distance of Philadelphia.
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,” Klein said. “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.”
“Despite the current volatility in the broader capital markets, the multifamily lending sector continues to demonstrate robust liquidity and favorable terms,” Quinn added. “This transaction exemplifies our ability to secure optimal financing for a high-quality multifamily asset, even in challenging market conditions.”
