The Ivy at 2 River Road in Chatham — Courtesy: JLL
By Joshua Burd
BNE Real Estate Group has secured a $103 million loan to refinance its recently opened, 245-unit luxury apartment property in Chatham, brokers with JLL announced Wednesday.
The debt placement team, which represented the developer, said in a news release that Northwestern Mutual Life Insurance Co. provided the 10-year, fixed-rate financing in connection with the project at 2 River Road. The transaction comes around six months after BNE debuted the property, known as The Ivy, delivering a rare infusion of luxury rentals to the borough with an average size of 1,158 square feet.
JLL Senior Managing Director Michael Klein, Senior Director Thomas E. Didio Jr. and Vice President Ryan Carroll spearheaded the assignment.
“JLL is pleased to have assisted BNE in securing financing for one of northern New Jersey’s premier rental communities,” Klein said. “The significant amount of interest from lenders prior to the property’s stabilization is a testament to the quality of the product, highly desirable location and strength of the sponsor.”
Designed by Minno & Wasko Architects and Planners, The Ivy has floorplans ranging from one to three bedrooms with upscale finishes, materials and appliances. Amenities include a resort-style pool with private cabanas, a heated and covered outdoor lounge, a multipurpose lawn, a media screening room and a host of other spaces, while BNE is offering shuttle service to the nearby train station.
Residents are also minutes from several major highways and the downtowns of Summit and Morristown, as well as The Mall at Short Hills and other retail destinations.
BNE hits 50 percent leased milestone at 245-unit Chatham rental property
