A rendering of the 220-unit Englewood Circle project.
ENGLEWOOD, NJ— The Claremont Companies and Cypress Equity Investments have secured construction financing for their Englewood Circle multifamily development here.
The Class A project, a 220-unit multifamily development, is being built on 2.54 acres at 40 Bennett Road directly across from MacKay Park. Due for completion in 2020, the transit-oriented community offers access to Interstate 95, Route 4 and the Palisades Interstate Parkway.
The financing deal for the project was announced by JLL, which worked on behalf of the two development firms to secure the funding. No financial terms of the transaction were disclosed. The deal was secured by Holliday Fenoglio Fowler LP prior to being acquired by JLL on July 1, 2019.
The Claremont Companies is based in Bridgewater, MA. Cypress Equity Investments is headquartered in Los Angeles.
The JLL Capital Markets team that represented the developers in the deal was led by senior managing director Jon Mikula, managing director Michael Klein and analyst Andrew Zilenziger.
“We are excited to be a part of Claremont’s foray into Englewood, a town that has seen tremendous growth, specifically in the luxury multi-housing space,” Mikula states. “Englewood Circle will provide the newest and most amenity intensive project in Englewood.”
Earlier this month, the joint venture of The Claremont Companies, The Hampshire Companies and Circle Squared Alternative Investments secured $42.5 million to refinance construction financing for the recently completed RIVET mixed-use housing and retail property here.
The property is located in the heart of New Jersey City University’s University Place in Jersey City.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
