Riverwalk has obtained a $49 million capitalization for the second phase of a two-part multifamily development in Elmwood Park, N.J. The financing was provided by JLL Capital Markets, which also provided construction financing for the previous phase. JLL secured a $32 million, three-year, floating-rate loan through Provident Bank, and also sourced $17 million in preferred equity from Hickory CRE Lending.
The capitalization supports the development of the 150-unit, two-building Riverwalk Phase IV, which will closely mirror the earlier phase’s high-level finishes. Among the amenities at the property will be a resident lounge. The one-, two- and three-bedroom residences will feature in-unit washers and dryers, quartz countertops, tiled bathrooms, luxury vinyl tile flooring and stainless-steel appliances.
Master plan
Riverwalk Phases III and IV are components of the larger, master-planned Riverwalk community. Phases I and II were completed more than a decade ago and offer a total of 158 units within two four-story structures. This phase is slated for completion in Q4.
Riverwalk Phase IV is situated in a neighborhood that maintains two New Jersey Transit bus stops, from which quick and affordable commuter service is available to New York City. It will be located along a section of River Drive running parallel to the Passaic River between the Garden State Parkway and Interstate 80. This section of River Drive offers access to Interstate 80, Route 46, the Garden State Parkway and Route 21, which provides direct access to Northern New Jersey’s highway networks.
The JLL Capital Markets Debt Advisory team was overseen by Thomas E. Didio Jr., senior director. John Cumming, analyst, also contributed.
Last month, Canoe Brook landed $150 million for a New Jersey luxury apartment building project.
