A rendering of Riverwalk phase three, located at 300 Riverfront Blvd. in Elmwood Park — Courtesy: JLL
By Joshua Burd
The developer of a two-building, 240-unit luxury apartment complex in Elmwood Park has secured $48 million in financing, according to a debt placement team with JLL.
The borrower, Riverwalk III LLC, will use the funds to complete the third phase of the master-planned community known as Riverwalk, according to a news release. The project at 300 Riverfront Blvd. will rise alongside an existing 158 units, which are located within two four-story buildings constructed in 2012 and 2014, along with an existing waterfront path and retail space that includes a daycare center, a pediatric dental office and other professional suites.
JLL Senior Managing Director Thomas Didio and Director Thomas E. Didio Jr. represented the borrower. Provident Bank and Investors Bank are providing a three-year senior construction loan, while Procida Funding & Advisors’ 100 Mile Fund provided the preferred equity financing.
“This transaction highlights the continued success of the Riverwalk-master planned development,” Didio Jr. said. “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 three.”
In a news release, JLL said the new buildings will be comprised of one- and two-bedroom high-end rental units, with lofts on the top floor of each building. Plans also call for new amenities such as a modern fitness center, an outdoor pool and clubhouse, a business center for residents and both indoor and outdoor lounge areas.
The project, which will also include substantial covered parking, has already broken ground and will begin leasing in 18 to 24 months. JLL added that local officials have approved additional apartments and retail and commercial space, which will be built in the fourth and final phase of the project, as the developer looks to capitalize on a location just off Interstate 80 and less than 15 miles from Manhattan.