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JLL Capital Markets secured $103 million refinancing for The Ivy, a recently delivered, award-winning luxury multifamily rental community in Chatham.

The commercial real estate and investment management company announced May 22 securing a 10-year, fixed-rate loan through The Northwestern Mutual Life Insurance Co. on behalf of the borrower, BNE Real Estate Group.

The six-story, 245-unit property located at 2 River Road was completed in 2023. It features one-, two- and three-bedroom units – at an average size of 1,158 square feet – along with a variety of indoor and outdoor amenities within 2 miles of two train stations (Chatham and Summit).

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Senior Director Thomas Didio Jr. and Vice President Ryan Carroll.

Klein said the firm was pleased to assist BNE is securing the funds for “one of Northern New Jersey’s premier rental communities.”

“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,” Klein said.

The Ivy debuted in Morris County in December with a ribbon-cutting ceremony featuring city officials as well as BNE representatives. In April, the community announced hitting 50% occupancy.

Making a splash

“From the very inception of this development in this exceptional Chatham location, BNE set out to surpass all expectations,” BNE partner Jonathan Schwartz said at the time. “Today, as we stand in this remarkable building, I am confident that we have achieved just that. We have collaborated with top talent partners and customized every element to ensure that The Ivy will not only offer an unparalleled residential experience, but will also serve as a symbol of elegance, sophistication, and a commitment to enhancing the traditions of this well-established community.”

Units offer high ceilings, oversized windows, luxury plank floors, modular closet designs and kitchens with quartz countertops as well as stainless-steel appliances.

Totaling more than 34,000 square feet, amenities abound, including:

• Resort-style pool with private cabanas
• Heated and covered outdoor lounge
• Multipurpose lawn,
• Media screening room
• BBQ and dining areas
• Firepits and bar areas
• Fitness and movement studio
• Social and coworking lounges
• Sports simulator
• Kid’s playroom
• 24/7 concierge and on-site management
• Pet spa and dog run

Minno & Wasko Architects and Planners designed The Ivy. Additionally, Miami-based ID & Design International and Chicago-based Mary Cooke Associates collaborated to curate interiors.

Shuttle service runs from the property to both local train stations, offering a commute to Manhattan in under an hour.

The property is also accessible to both downtown Chatham and Summit with nearby connectivity to Interstate 78 and the Garden State Parkway. The Mall at Short Hills is less than 2 miles away.

BNE Real Estate is based in Livingston. The company also has projects underway in South Amboy and Hillsdale.

You can see more of The Ivy in our slideshow here.