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JLL Arranges Construction Debt for Elmwood Park Luxury Multifamily
JLL Capital Markets arranged a $48-million construction loan for the development of Phase III of Riverwalk, a master-planned luxury residential community located in Elmwood Park, NJ. The firm’s Thomas Didio and Thomas Didio, Jr. worked on behalf of the borrower, Riverwalk III LLC, to secure the three-year construction loan through the lender, Provident Bank and Investors Bank.
Along with the senior construction loan, Bill Procida’s 100 Mile Fund provided the preferred equity financing. Provident Bank and 100 Mile Fund jointly will provide capital to construct 240 luxury rental units. This next phase of development has already broken ground.
“This transaction highlights the continued success of the Riverwalk master planned development,” said Didio, Jr. “We are grateful to Bernie Langan to have been a small part of all three phases of this transformative project and look forward to seeing the build and lease-up of Phase III.”
- ◦Development
