Following its work to procure financing for previous phases of Riverwalk in Elmwood Park, JLL arranged a $49 million capitalization to add 150 units at the multi-housing development.

JLL represented the borrower, Riverwalk, on a $32 million, three-year floating-rate loan through Jersey City-based Provident Bank. It also sourced $17 million preferred equity from Hickory CRE Lending, the real estate services firm announced Feb. 8.

The JLL Capital Markets Debt Advisory team was led by Senior Director Thomas Didio Jr. and Analyst John Cumming.

Riverwalk Phase IV is the latest phase of the project.

JLL said it also financed the permanent loan on the first two phases. Additionally, the firm secured a $48 million construction loan through Provident for Phase III, back in 2021.

“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.

Completion of Riverwalk is expected in the fourth quarter of this year.

Riverwalk Phase III and IV are part of the master-planned Riverwalk community. Completed in 2012 and 2013, respectively, Phase I and II comprise 158 units across two four-story buildings.

A 20-acre assemblage, Riverwalk initially faced hurdles, including flooding from Tropical Storm Irene and resistance from local officials, the New York Times reported in 2011 as construction got underway. To initiate Phase I, the publication said developer Joseph Langan brought a Mount Laurel lawsuit against Elmwood Park in 2009 that was settled in 2010.

What it’s got

Aesthetically, JLL said Riverwalk’s newest component would closely match the existing work’s high-level finishes. Amenities are set to include a fitness center, outdoor pool deck, resident lounge and a business center as well as 15,000 square feet of retail space.

Riverwalk IV will offer one-, two- and three-bedroom units featuring stainless steel appliances, luxury vinyl tile flooring, tiled bathrooms, quartz countertops and in-unit washers and dryers, JLL said.

The community is located along River Drive, parallel to the Passaic River between Interstate 80 and the Garden State Parkway. The section of roadway boasts easy access to North Jersey highways, including Routes 46 and 21.

Mass transit options are also available: the neighborhood maintains two NJ Transit bus stops with service to New York City.