JLL Secures $66.85M Construction Loan for Plaza Greene 55+ Mixed-Use Community in Fair Lawn, NJ

JLL Capital Markets has arranged a $66.85 million construction loan for Plaza Greene, a 145-unit, age-restricted luxury rental community with ground-floor retail space in Fair Lawn, New Jersey, the firm announced Aug. 5.

JLL represented the borrower — a joint venture between Sterling Properties and Danbro Properties — in securing the construction financing, which was provided by Pacific Coast Capital Partners and U.S. Bank.

Project Details: Transit-Oriented 55+ Development

Plaza Greene will rise as a four-story mixed-use building situated adjacent to the Radburn Train Station in Bergen County. The development will include 145 luxury market-rate and affordable apartments restricted to residents 55 and older, alongside 24,035 square feet of ground-floor retail space anchored by a 22,340-square-foot Sprouts Farmers Market.

Planned residential amenities include a clubroom, fitness and yoga studios, a private dining room, a landscaped entertainment courtyard, and garage parking. The project's proximity to the Radburn Train Station and downtown Fair Lawn's retail and dining corridor positions residents to access transit without relying on a vehicle.

Addressing Demand for Age-Restricted Luxury Rentals

The sponsors identified downsizing homeowners as a primary demand driver for the project. Bergen County's demographic profile — characterized by an older, established residential base — has historically been underserved by purpose-built, luxury age-restricted rental product. Most existing 55-and-over housing in the region consists of for-sale units or traditional independent living facilities rather than amenity-rich rental communities with transit access.

Plaza Greene is designed to offer active adults the option to remain in Bergen County or relocate from New York City while retaining urban conveniences within a suburban setting.

"Plaza Greene fills a critical void in Bergen County's rental market by delivering institutional-quality, age-restricted housing in a transit-oriented location, where residents have the convenience of garage parking or don't need a car at all," said Jim Cadranell, Senior Managing Director at JLL Capital Markets. "The combination of Sprouts Farmers Market, luxury apartments, immediate train access and Fair Lawn's strong demographics created a compelling story for lenders seeking well-located mixed-use construction opportunities."

Capital Markets Context

The financing reflects broader momentum in commercial real estate capital markets heading into the second half of 2026. Global direct commercial real estate transaction volumes reached $216 billion in the first quarter of 2026, an 18% increase year-over-year, with investors and lenders concentrating activity in living sectors — including multifamily and senior housing — and necessity-anchored retail. Grocery-anchored retail, in particular, has drawn sustained lender interest due to its historically lower volatility relative to discretionary retail formats.

Transit-oriented assets in walkable suburban environments have continued to attract institutional capital. Plaza Greene's location steps from an active NJ Transit commuter rail station aligns with lender preferences for projects that combine resilient housing demand with defensive retail anchors.

JLL Team

JLL Capital Markets' Debt Advisory team on the transaction was led by Senior Managing Directors Jim Cadranell and Jon Mikula, Vice President Michael Lachs, and Analyst Kevin Badger.

JLL Capital Markets operates as a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists across offices in nearly 50 countries. Services include investment sales and advisory, debt advisory, mergers and acquisitions, loan sales, equity and fund placement, net lease, and derivative advisory.

About the Firms

JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in over 80 countries with a global workforce of more than 112,000 as of June 30, 2026. Sterling Properties and Danbro Properties serve as co-sponsors on the Plaza Greene joint venture. PCCP and U.S. Bank provided the construction financing.