The Clair

By Cecilia Levine From Daily Voice

A newly built luxury apartment community in North Jersey has secured $15.4 million in refinancing, JLL Capital Markets announced.

The property, known as The Clair, is a 40-unit Class A residential building located at 37 Orange Road in Montclair, within walking distance of the Bay Street and Walnut Street NJ Transit stations.

JLL represented the borrower, Hampshire Real Estate Companies, in arranging a five-year, fixed-rate loan through National Life Group, officials said.

Built in 2024, The Clair features studio, one-, two-, and three-bedroom apartments, including four affordable units. Each apartment offers walk-in closets, stainless steel appliances, in-unit laundry, and spacious layouts, JLL said.

Community amenities include a resident lounge, rooftop terrace, courtyard with grilling stations, and dedicated remote workspaces.

Senior Director Michael Klein, who led the JLL Capital Markets Debt Advisory team with Jon Mikula and Michael Donohoe, said the property stands out for its quality and location.

“The Clair represents exactly the type of high-quality, well-located asset that lenders are eager to finance in today’s market,” Klein said. “Its prime location near multiple transit options and within one of New Jersey’s most desirable communities, combined with the sponsor’s strategic vision for value enhancement, made this an attractive financing opportunity for National Life Group.”

Located just 18 miles from the George Washington Bridge and 23 miles from Manhattan, Montclair is one of New Jersey’s wealthiest and most in-demand suburbs, with average household incomes exceeding $220,000 and home values topping $900,000, JLL noted.