JLL Capital Markets announced today that it has arranged the $62 million financing for the Tower Management Portfolio.

By Cecilia Levine From Daily Voice

A large residential portfolio spanning North Jersey has secured $62 million in financing.

The funding was arranged for Tower Management Service and will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender, the firm said.

The portfolio includes five garden-style apartment complexes with 541 units. Those include Omni Apartments in Bergenfield, Arcadia Court Apartments in Hackensack, Park Engle Apartments in Englewood, and is anchored by Spring Gardens Apartments in Summit. 

The Summit property, built in 1968, consistently maintains a 97%+ occupancy rate, according to the firm.

The apartments are positioned near major transportation routes and employment hubs, giving residents access to New York City and northern New Jersey job centers, JLL said.