HOUSTON, TX - JLL Capital Markets announced today that it has arranged $30 million in financing for Ivy Lane, a 237-unit, garden-style multi-housing community in Bergenfield, Bergen County, New Jersey.
JLL worked on behalf of the borrower, Tower Management Service, L.P., to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
Ivy Lane is located on the border of Teaneck and Bergenfield along Liberty Road less than eight miles from Manhattan. The property consists of 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Ivy Lane also includes 227 on-site parking spaces and 102 garages. The borrower also owns and operates the adjacent Omni Apartments and both communities have experienced high historical occupancies.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Analyst Gerard Quinn.
“We were very pleased to execute this fixed-rate loan during the current market conditions,” Didio said. “Tower Management and Freddie Mac did a great job committing to and closing the loan, and a big thanks to our internal Freddie Mac team for their hard work getting this to the closing table.”
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com