ELMWOOD PARK, N.J. — JLL has arranged a $131.1 million bridge loan for a 390-unit multifamily property in the Northern New Jersey community of Elmwood Park. The financing covers Phases III and IV of a larger development known as Riverwalk. Units feature a mix of one-, two- and three-bedroom floor plans and range in size from 772 to 2,321 square feet. Riverwalk offers amenities such as a pool, fitness center, outdoor grilling and dining areas, a dog park, riverside nature path, multiple resident lounges and coworking space. Thomas Didio, Thomas Didio Jr., Gerard Quinn, Michael Mataras and Tyler Caricato of JLL arranged the five-year, floating-rate loan through MF1 Capital. A private real estate company headed by Bernard Langan owns Riverwalk.
Phase III of Riverwalk, a multifamily property in Elmwood Park, totals 240 units across two buildings, was completed in early 2023 and is currently 85 percent occupied. Phase IV totals 150 units in two additional buildings, construction of which is now complete. Leasing of Phase IV launched earlier this year.
JLL Arranges $131.1M Bridge Loan for Northern New Jersey Multifamily Property
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