Hudson Ridge Apartments: $24.2M acquisition financing secured for multifamily property in New Jersey

MORRISTOWN, N.J., Apr. 18, 2025 –  JLL Capital Markets announced today that it has secured the $24.2 million acquisition financing for Hudson Ridge Apartments, a 215-unit multifamily property located in North Bergen, New Jersey.

JLL worked on behalf of Tower Management, the borrower, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

Hudson Ridge Apartments, situated at 7112-7312 Blvd. E, offers convenient access to Midtown Manhattan, Hoboken and Jersey City. The community benefits from its proximity to major transportation routes, including the New Jersey Turnpike and the Hudson-Bergen Light Rail line.

Built in 1949, Hudson Ridge Apartments features a mix of studios, one- and two-bedroom units. Apartment amenities include hardwood flooring, stainless steel appliances and oversized closets. The community offers outdoor amenities such as picnic areas and garage parking.

North Bergen continues to be an attractive submarket within the New York metropolitan area, benefiting from strong multifamily fundamentals and consistent rent growth. The property's location appeals to residents seeking convenient access to major employment centers and urban amenities.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr, Director Gerard Quinn and Senior Analyst Michael Mataras

“We're thrilled to have secured long-term, fixed-rate acquisition financing through Freddie Mac for Tower Management," Quinn stated. "This deal underscores the continued competitiveness of the agencies in providing capital for existing multi-housing assets. Their aggressive lending terms remain a cornerstone of the multifamily financing landscape.”

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Tower Management Service, L.P. is a real estate operating company that owns approximately 2200 multifamily apartment units in approximately 20 garden style apartment communities located in New York State and New Jersey.