Ivy Lane in Bergenfield — Courtesy: JLL
By Joshua Burd
The owner of a 237-unit garden apartment complex in Bergen County has secured $30 million in financing, brokers with JLL announced Tuesday.
The firm’s capital markets team represented the borrower, Tower Management Service L.P., to secure the 10-year, fixed-rate loan through Freddie Mac. The financing is tied to Ivy Lane, a complex of 17 two-story buildings along Liberty Road in Bergenfield.
JLL Senior Managing Director Thomas Didio and Analyst Gerard Quinn completed the assignment, noting that the loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender.
“We were very pleased to execute this fixed-rate loan during the current market conditions,” Didio said. “Tower Management and Freddie Mac did a great job committing to and closing the loan, and a big thanks to our internal Freddie Mac team for their hard work getting this to the closing table.”
In a news release, JLL said Ivy Lane sits on the border of Teaneck and Bergenfield and is less than eight miles from Manhattan. The property includes 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average size of 582 square feet.
Ivy Lane also includes 227 on-site parking spaces and 102 garages, the news release said. The borrower also owns and operates the adjacent Omni Apartments, with both communities having experienced high historical occupancies.