$49M capitalized for the second phase of a New Jersey apartment development

MORRISTOWN, Feb. 8, 2024 – JLL Capital Markets announced today that it has arranged the $49 million capitalization of the 150-unit, two-building Riverwalk Phase IV, the second phase of a two-part multi-housing development located in Elmwood Park, New Jersey. JLL Capital Markets also provided construction financing for the previous phase of the development, Riverwalk Phase I-III.

JLL represented the borrower, Riverwalk, to secure the $32 million three-year, floating-rate loan through Provident Bank. JLL also sourced the $17 million preferred equity from Hickory CRE Lending.

With an anticipated completion of Q4 2024, the final phase will closely match the previous phase’s high-level finishes throughout the common and living areas and modern amenities, including a state-of-the-art fitness center, outdoor pool deck, a resident lounge, a business center and 15,000 square feet of retail space. The one-, two- and three-bedroom units will feature stainless steel appliances, luxury vinyl tile flooring, tiled bathrooms, quartz countertops and in-unit washers and dryers.

Additionally, Riverwalk Phase III and IV are a part of the larger Riverwalk master-planned community. Riverwalk Phase I and Phase II were completed in 2012 and 2013 and offer a total of 158 units within two four-story buildings. JLL financed the permanent loan on the first two phases of the project.

The property is located along a section of River Drive paralleling the Passaic River between Interstate 80 and the Garden State Parkway. This section of River Drive offers unparalleled access to Interstate 80, Route 46, the Garden State Parkway and Route 21, providing direct access to Northern New Jersey’s highway network, as well as river views. The neighborhood also maintains two New Jersey Transit Bus Stops, offering fast and economical commuter service to New York City.

The JLL Capital Markets Debt Advisory team was led by Senior Director Thomas E. Didio Jr. and Analyst John Cumming.

“JLL looks forward to continuing the strong relationship we have with principals of Riverwalk as we watch the construction of the last phase and leasing of the final two buildings,” said Thomas E. Didio Jr.

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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