JLL Capital Markets arranged $57.5 million financing for EVO, a new luxury multi-apartment offering in downtown Englewood.
The company said Nov. 16 it represented the sponsorship — a joint venture between Morristown-based Claremont Development, Cypress Equity Investments and Battery Global Advisors — to secure the eight-year fixed-rate loan from The Guardian Life Insurance Group of America.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula, Associate Gerard Quinn and Analyst Benjamin Morgenthal.
According to Klein, this success comes full circle for JLL, which has secured financing for EVO throughout its development, “starting with the construction loan we placed on the property in 2019… to secure it[ing] permanent financing when the property stabilizes,” he said in a statement.
“EVO has been a tremendous success and an asset to downtown Englewood,” added Mikula. “Guardian was able to quickly understand nuances of the project and complete this transaction in a fast-paced capital markets environment.”
Located at 40 Bennett Road, the 220-unit EVO offers studio, one- and two-bedroom living spaces with 9-foot ceilings, chef-inspired kitchens with stone countertops, tile backsplashes, stainless steel appliances, plank floors, oversized windows and an aisle -in closets, washers and dryers, and private outdoor space for select residences.
Community facilities include resident lounges and coworking, a fitness center, yoga studio, outdoor pool, outdoor bar, club room, fire pits, and a pet spa.
EVO provides direct access to the George Washington Bridge, Interstate 80, Route 17 and the Garden State Parkway in minutes. Just over a mile away is the entrance to the New Jersey Turnpike and the Palisades Interstate Parkway is also nearby. Locally, the property is in walkable downtown Englewood with access to its restaurants and parks.