The Landings at Riverwalk at 300 Riverfront Blvd. in Elmwood Park — Courtesy: JLL
By Joshua Burd
A developer has landed more than $131 million in senior financing for a four-building, 390-unit multifamily project in Elmwood Park, according to a debt placement team with JLL.
The lender, MF1 Capital LLC, provided the five-year, fully extended floating-rate loan to a privately owned real estate firm headed by Bernard F. Langan, the brokers said in a news release. Proceeds will support what’s known as The Landings at Riverwalk, which includes a two-building phase with 240 units that was completed in early 2023 and is currently 85 percent occupied, plus two newly completed buildings with a combined 150 units.
JLL Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Tyler Caricato represented the borrower in the deal with MF1 Capital, a joint venture of Limekiln Real Estate and Berkshire Residential.
“Riverwalk Phase III and IV represents a prime luxury residential opportunity in Bergen County, providing residents with high-end finishes and modern amenities in a convenient location with excellent transportation access,” Didio Jr. said. “The project’s strong performance to date demonstrates the continued demand for quality multifamily housing in this pocket of Bergen County.”
JLL announced the $131.1 million deal while touting the site’s location near major arteries such as Interstate 80, the Garden State Parkway and routes 46 and 21. Amenities include a fitness center, an outdoor swimming pool, a courtyard and outdoor patios with grilling areas and multiple resident lounges in each building, among others, plus retail space.
The new 150-unit phase is now in lease-up, JLL said, as the developer looks to lure renters with a location along Passaic River. The firm also cited MLB Network’s decision to relocate its headquarters to Elmwood Park in 2028, highlighting the continued appeal of Bergen County for major businesses.
