JLL Capital Markets has arranged a $48 million construction loan for the development of Phase III of Riverwalk, a luxury residential community in Elmwood Park, New Jersey.
Provident Bank and Investors Bank funded the three-year senior loan while Billy 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 covered parking.
This next phase of development has already broken ground and will begin leasing in 18-24 months.
JLL worked on behalf of the borrower, Riverwalk III LLC. BF Langan Consultants, River Drive Construction, and O’Neil Langan architects are the developers. The JLL Capital Markets team was led by Senior Managing Director Thomas Didio and Director Thomas E. Didio, Jr.
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 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 is located just off of Interstate 80, which allows access to the George Washington Bridge and New York City.
“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.”