MORRISTOWN, NJ - JLL Capital Markets announced today it arranged a $48 million construction loan for the development of Phase III of Riverwalk, a luxury residential community located in Elmwood Park, Bergen County, New Jersey, approximately 14 miles from New York City.
JLL worked on behalf of the borrower, Riverwalk III LLC, to secure the three-year construction loan through the lender, Provident Bank and Investors Bank. In addition to the senior construction loan, Bill Procida’s 100 Mile Fund provided the preferred equity financing. Provident Bank and 100 Mile Fund jointly will provide capital to construct 240 luxury rental units contained in two state-of-the-art residential buildings overlooking the river and adjacent the existing riverwalk path, with substantial covered parking. This next phase of development has already broken ground upon closing the loan and will begin leasing in 18-24 months.
The development is the third phase of the Riverwalk master planned community, which currently consists of 158 units within two four-story buildings constructed in 2012 and 2014, as well as retail space, which currently includes a nationally renowned daycare, a pediatric dental office and other professional offices. The new buildings will be comprised of one- and two-bedroom luxury rental units, with lofts on the top floor of each building. All units will feature stainless steel appliances, premium flooring, quartz and granite countertops and other high-end finishes, with washers and dryers in each unit, which will also have their own HVAC and air filtration systems.
The newest phase of the project will include additional community amenities, including a state-of-the-art fitness center, outdoor pool and clubhouse, business center for residents’ use and both indoor and outdoor lounge areas, with river and courtyard views. Additional luxury rentals and retail/commercial space have been approved and will be constructed in the fourth and final phase of the project, which will include even more covered parking and additional amenity space.
Located at 300 Riverfront Blvd., just off of River Rd., the commuter-friendly luxury residential community will benefit from Bergen County’s strong economic base and dense population. Riverwalk is conveniently located just off of Interstate 80, which allows access to the George Washington Bridge to New York City and other points East and West, and the Garden State Parkway for points both North and South. Additionally, the property has access to mass transit, which will allow commuters easy access to Midtown and Downtown Manhattan, as well as Jersey City and the surrounding area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Director Thomas E. Didio, Jr.
“This transaction highlights the continued success of the Riverwalk master planned development,” stated Didio, Jr. “We are grateful to Bernie Langan to have been a small part of all three phases of this transformative project and look forward to seeing the build and lease-up of Phase III.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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