Riverwalk secures $49m for second phase of New Jersey apartment development
Riverwalk announced that it secured $49 million in capitalization for the 150-unit, two-building Riverwalk Phase IV, the second phase of a two-part multi-housing development located in Elmwood Park, N.J. JLL Capital Markets also provided construction financing for the previous phase of the development, Riverwalk Phase I-III.
JLL represented the borrower to secure the $32 million, three-year, floating-rate loan through Provident Bank. JLL also sourced the $17 million preferred equity from Hickory CRE Lending.
With an anticipated completion of fourth quarter 2024, the final phase will closely match the previous phase’s high-level finishes throughout the common and living areas and modern amenities, including a state-of-the-art fitness center, outdoor pool deck, resident lounge, business center and 15,000 square feet of retail space. The one-, two- and three-bedroom units will feature stainless-steel appliances, luxury vinyl-tile flooring, tiled bathrooms, quartz counte