$103M financing secured for newly constructed luxury Northern New Jersey multi-housing community

MORRISTOWN, N.J. May 22, 2024 – JLL Capital Markets announced today that it has arranged a $103 million refinancing for The Ivy, a recently delivered, six-story, 245-unit luxury multi-housing community located in Chatham, Morris County, New Jersey

JLL worked on behalf of the borrower, BNE Real Estate Group, to secure the 10-year, fixed-rate loan through The Northwestern Mutual Life Insurance Company.

Completed in 2023, The Ivy features one-, two- and three-bedroom units with an average size of 1,158 square feet. The units feature high ceilings, oversized windows, luxury plank flooring, modular closet storage and a modern kitchen with quartz countertops and a stainless-steel appliance package. Community amenities include a resort-style pool with private cabanas, a heated and covered outdoor lounge, a multi-purpose lawn, a media screening room, private BBQ and dining areas, firepits, bar areas, commercial-grade fitness center and movement studio, multiple social lounges, co-working lounges with private offices, sports simulators, card rooms, kid’s playroom, a 24/7 concierge, on-site management, a pet spa and dog run, shuttle service to NJ transit and a covered garage parking.

Situated at 2 River Rd., the property is one mile from The Chatham Train Station and 1.8 miles from The Summit Train Station, providing a direct commute to Manhattan in 46 minutes, as well as access to Philadelphia, Newark Liberty International Airport and other major cities and transportation hubs in the region via the Morris and Essex Line. Residents can capitalize on the immediate proximity to Downtown Chatham and Downtown Summit, which are both located approximately 1.5 miles from the property. Both I-78 and the Garden State Parkway provide connectivity to major employment hubs within the immediate vicinity and greater Northern New Jersey Area. Residents also benefit from its proximity to several grocers, as well as The Mall at Short Hills.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Michael Klein, Senior Director Thomas E. Didio, Jr. and Vice President Ryan Carroll.

“JLL is pleased to have assisted BNE in securing financing for one of Northern New Jersey’s premier rental communities,” said Klein. “The significant amount of interest from lenders prior to the property’s stabilization is a testament to the quality of the product, highly desirable location and strength of the sponsor.”

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 and sales 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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For over 70 years, the demonstrated talent and long-range perspective of BNE Real Estate Group’s family-owned organization has driven the success of a distinguished portfolio of properties throughout New Jersey and beyond.