JLL Capital Markets on Monday announced it has successfully arranged $62 million in financing for the Tower Management Portfolio, a five-property collection of 541 multifamily units spread across strategic locations in the New York Tri-State Region.
JLL’s Debt Advisory team, led by Senior Managing Director Thomas Didio and Managing Director Thomas E. Didio, Jr., represented the borrower, Tower Management Service. The financing was secured through Freddie Mac Optigo Lender JLL Real Estate Capital, LLC, which will also service the loans.
The portfolio consists of five well-positioned, garden-style multifamily assets known for their strong occupancy performance, which consistently ranges from 96% to 100% across all properties. The assets benefit from strategic locations that offer residents convenient access to major employment centers and key transportation corridors, making them highly appealing to commuters, particularly those working in Manhattan and Northern New Jersey.
The New Jersey portion of the portfolio is anchored by four key properties:
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Spring Gardens Apartments in Summit (built in 1968, consistently maintains 97%+ occupancy).
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Omni Apartments in Bergenfield.
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Arcadia Court Apartments in Hackensack.
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Park Engle Apartments in Englewood.
These suburban communities provide more affordable housing alternatives while maintaining proximity to New York City.
Thomas E. Didio, Jr., noted that the portfolio’s “diverse geographic spread and consistently strong occupancy rates… reflect both Tower Management’s exceptional asset management capabilities and the underlying resilience of these well-located suburban markets.”
Gerard Quinn, director, added that Freddie Mac recognized the quality of the stabilized assets and Tower Management’s proven track record, enabling the team to secure attractive 10-year fixed-rate financing that is expected to position the portfolio for continued success.
