Woodmont West Mount Arlington
BlueGate Partners has been exclusively retained by Woodmont Properties (the “Sponsor”) to secure permanent financing for Woodmont West Mount Arlington, a newly developed, luxury, multifamily community in Mount Arlington, Morris County, New Jersey (the “Property” or “Community”). The Property contains 300 units, featuring one- and two- bedroom apartment homes in eight, three and four story buildings. The Property’s modern apartment finishes include chef-inspired kitchens with stainless steel appliances and quartz countertops, in-home washer and dryer, walk-in closets, 9-foot ceilings, and private balconies. Residents are able to enjoy a highly amenitized community which includes a 15,000 square foot clubhouse, strength and training gym, fitness studio, game room, indoor golf simulator and putting green, theatre room, business center, and a resort style swimming pool. The Property sits on 55 acres that resemble a park-like setting with walking paths, outdoor sports courts, fire pit, gazebo, gas-fired barbeque grills, picnic areas, and a dog park, all of which make the Property one of the most amenitized offerings in all of Morris County.
Through April 2017, seven of the eight residential buildings have delivered along with the Clubhouse, with stabilization expected in Q2 2017. Since the delivery of the first building and commencement of leasing in April 2016, the Community has been incredibly well received and has signed leases on more than 87%, or 233 of the 266 units that were available for lease through April 12th, 2017.