Natixis Corporate & Investment Banking originated a $54 million, five-year, Term SOFR-based, floating-rate loan to a joint-venture between Mill Creek Residential and Cigna Investment Management for the acquisition of Montclair Residences at Bay Street Station, a 163-unit, Class A multifamily property located in Montclair, New Jersey.
The property was initially constructed in 2009. Community amenities include a central courtyard with a heated swimming pool and sundeck, outdoor terrace area with a fire pit and grill stations, a fitness center, resident lounge, internet café, dog park, 3 elevators, and covered garage parking on the basement level.
The property is easily accessible from NJ Transit’s Bay Street Station, providing residents with direct access to New York Penn Station.
The financing was arranged by Matthew Pizzolato, Andy Scott, Tom Didio, Jr. and Gerard Quinn of JLL.