Riverwalk on River Drive in Elmwood Park — Courtesy: JLL
By Joshua Burd
The firm behind a 150-unit, two-building multifamily development in Elmwood Park has secured $49 million in construction financing and equity for the project, brokers with JLL announced Thursday.
According to the team, the project on River Drive is the final phase at a site that runs parallel to the Passaic River between Interstate 80 and the Garden State Parkway. It’s now moving ahead with a capital stack that includes a three-year, floating-rate loan for $32 million, which Provident Bank provided, as well as $17 million in preferred equity from Hickory CRE Lending.
JLL Senior Director Thomas E. Didio Jr. and Analyst John Cumming led the team that sourced the debt and equity. The firm also arranged construction financing for the previous phase of the development, known as Riverwalk.
“JLL looks forward to continuing the strong relationship we have with principals of Riverwalk as we watch the construction of the last phase and leasing of the final two buildings,” Didio said.
With completion slated for the fourth quarter of this year, the last phase of Riverwalk will closely match the previous phase’s luxury finishes, JLL said. Amenities will include a modern fitness center, an outdoor pool deck, a resident lounge, a business center and 15,000 square feet of retail space.
The collection of upscale one-, two- and three-bedroom units will also be part of a larger master-planned community whose earlier phases opened in 2012 and 2013, comprising 158 units within two four-story buildings. JLL sourced the permanent loan on the first two phases, touting the site’s direct access to northern New Jersey’s highway network, as well as river views and two nearby NJ Transit bus stops.
