Bergen County Apartments Land Freddie Mac Loan
JLL Capital Markets arranged $30 million in financing for Ivy Lane, a 237-unit, garden-style multifamily community in the Bergen County community of Bergenfield, NJ. A team of Thomas Didio and Gerald Quinn worked on behalf of Tower Management Service, L.P., to secure the 10-year, fixed-rate loan through Freddie Mac.
“We were very pleased to execute this fixed-rate loan during the current market conditions,” Didio said. “Tower Management and Freddie Mac did a great job committing to and closing the loan, and a big thanks to our internal Freddie Mac team for their hard work getting this to the closing table.”
Located less than eight miles west of Manhattan, Ivy Lane consists of 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average size of 582 square feet. Tower Management also owns and operates the adjacent Omni Apartments.
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