JLL Capital Markets has arranged $30 million in financing for Ivy Lane, a 237-unit, garden-style multi-housing community in Bergenfield, Bergen County, New Jersey.
JLL worked on behalf of the borrower, Tower Management Service, L.P., to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender.
Ivy Lane is located on the border of Teaneck and Bergenfield along Liberty Road less than eight miles from Manhattan. The property consists of 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Ivy Lane also includes 227 on-site parking spaces and 102 garages.
The borrower also owns and operates the adjacent Omni Apartments and both communities have experienced high historical occupancies.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Analyst Gerard Quinn.
“We were very pleased to execute this fixed-rate loan during the current market conditions,” Didio said. “Tower Management and Freddie Mac did a great job committing to and closing the loan, and a big thanks to our internal Freddie Mac team for their hard work getting this to the closing table.”