JLL Capital Markets announced on May 10 that it had a $ 48 million home loan for the Phase III development of Riverwalk, a luxury residential development in Elmwood Park, Bergen County, approximately 14 miles from New York City, arranged.
JLL worked on behalf of borrower Riverwalk III LLC to secure the three-year construction loan through lenders Provident Bank and Investors Bank.
In addition to the senior home loan, Bill Procida’s 100 Mile Fund provided the preferred equity financing.
The Provident Bank and 100 Mile Fund will jointly provide capital for the construction of 240 luxury rental units housed in two state-of-the-art residential buildings overlooking the river and adjacent to the existing river path with extensive covered parking. This next phase of development laid the foundation stone after the loan was completed and the rental will begin in 18-24 months.
The development is the third phase of the planned master community Riverwalk, which currently consists of 158 units in two four-story buildings from 2012 and 2014 as well as retail space that currently has a nationally renowned daycare center, a children’s dentist and other professional offices.
The new buildings will consist of luxury one- and two-bedroom 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 that also have their own HVAC and air filtration systems
The latest phase of the project will include additional community facilities such as a state-of-the-art fitness center, outdoor pool and clubhouse, business center for residents, and indoor and outdoor lounge areas with views of the river and courtyard.
Additional luxury rentals and retail / commercial space have been approved and will be built in the fourth and final phase of the project, which will include even more covered parking and additional leisure space.
Located on 300 Riverfront Blvd., directly on River Road, the commuter-friendly luxury residential complex benefits from the strong economic base and dense population of Bergen County. Riverwalk is conveniently located just off Interstate 80, which provides access to the George Washington Bridge to New York City and other points to the east and west, and the Garden State Parkway to points to the north and south. In addition, the property has public transport that allows commuters to easily reach 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 Didio Jr.