JLL Capital Markets arranged a construction loan and joint venture equity for Blue Hill at Watchung. The new 230-unit, Class A luxury apartment community, totaling over $102 million, marks a significant step forward for the highly anticipated project in one of New Jersey’s most affluent suburban communities.
JLL facilitated the loan with First Citizens Bank and secured a joint venture equity partnership for the sponsor team, a collaboration between The Sterling Properties Group and Danbro Properties, with Marcus Partners.
Scheduled for completion in 2026, the $102.87 million development will feature six four-story buildings and a two-story clubhouse on a 41.8-acre site. A notable aspect of the project is its commitment to green space, with 23 acres of the site preserved as conservation land. The community will include 184 market-rate units and 46 affordable-rate units, catering to a diverse range of residents. The average market-rate unit size will be 1,141 square feet, offering spacious living in a premier location.
Residents of Blue Hill at Watchung will have access to a best-in-class amenity package designed for a high-end lifestyle. These features include a resort-style pool, outdoor lounge areas, a state-of-the-art fitness center, a private dining room, a billiards room, a golf simulator, a game room, and co-working spaces. Private garages will also be available, adding to the convenience.
The location is a key selling point. Situated on Bonnie Burn Road, the property offers exceptional access to major highways like I-78 and Route 22, making for easy commutes to employment hubs across Central and Northern Jersey, as well as New York City. The site is also less than a mile from The Peak, a 1.5-million-square-foot Class A office park that is home to major corporations such as Fiserv, L’Oréal, and Celgene.
“Blue Hill at Watchung represents an exceptional opportunity to develop a market-leading luxury apartment community in one of New Jersey’s most prestigious locations,” Jim Cadranell, a senior managing director at JLL said. He added that the strong sponsorship, premier location, and extensive amenities made the project an attractive investment in the capital markets.
The project is protected by a 30-year PILOT (Payment in Lieu of Taxes) agreement with the Borough of Watchung, a measure that helps to ensure the financial viability of the development. With a projected stabilization date of March 2028, Blue Hill at Watchung is set to become a landmark residential community, offering luxury living in an upscale, well-connected suburban setting.
