Permanent financing secured for luxury New Jersey multi-housing community
JLL Capital Markets arranged the refinancing for the 443-unit Woodmont Way at West Windsor
MORRISTOWN, Dec. 12, 2023 – JLL Capital Markets announced today that it has arranged permanent financing for Woodmont Way at West Windsor, a 443-unit, garden-style, luxury multi-housing community located in West Windsor, Mercer County, New Jersey.
JLL represented the borrower, Woodmont Properties (“Woodmont”), to secure the five-year, fixed-rate loan through Northwestern Mutual.
Constructed in 2022, the 13-building Woodmont Way at West Windsor features a mix of one-, two- and three-bedroom apartment units. The units feature quartz countertops, stainless steel appliances, in-unit washers and dryers, a private patio and balcony, nine-foot ceilings, oversized windows, wood-style plank floors and expansive walk-in closets. Community amenities include a two-story clubhouse, a swimming pool and sundeck, a resident lounge with fireplace and golf simulator, state-of-the-art gym, a game den, a dog park, a pet spa, outdoor courtyards with pickleball and more.
Situated at 100 Woodstone Circle, Woodmont Way at West Windsor is located within proximity to State Route 1 and State Route 206. It is within a 20-minute drive to the Princeton Airport and a three-mile commute to the Princeton Junction train. Nearby amenities include the Mercer County Park and Princeton Battlefield State Park, as well as the stores and restaurants at Princeton Market Fair and Shops at Windsor Green. There are also significant employers in the immediate area, including the Bristol-Myers Squibb Research and Development Headquarters and the 2.3-million-square-foot Carnegie Center Office Campus. In addition, Princeton University is within two miles of the property by car.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio Jr., Senior Analyst Salvatore Buzzerio and Analyst Benjamin Morgenthal.
“This financing is the culmination of Woodmont’s planning, delivery and lease-up of the premier garden-style community in the greater Princeton submarket. Northwestern Mutual moved quickly to lock rate in a highly volatile treasury market protecting the borrower from any further upward movements in base rates. JLL is pleased to bring Woodmont and Northwestern Mutual together to consummate this transaction in a highly challenged market,” stated Didio, Jr.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Woodmont Properties
Woodmont Properties, based in Fairfield, NJ is one of the region’s leading developers of residential and commercial real estate. They are led by a dynamic group of highly-skilled executives and an extraordinary staff of professional team members, all of whom are fully committed to the thorough and effective completion and management of their development and building projects.
Their highly-skilled team possesses an unparalleled combination of experience and expertise. Each team member is personally committed to delivering world-class multifamily (rental apartments, for-sale housing and senior housing), industrial, office, retail, recreational and transit-oriented mixed-use properties in suburban communities and town centers. Their wide-ranging success is derived from a unique blend of innovation, integrity, superior locations, and high-quality design.