ELMWOOD PARK, N.J — JLL Capital Markets has arranged a $131.1 million loan for a private company headed by Bernard F. Langan to refinance Riverwalk Phase III and IV. The five-year, floating-rate loan was sponsored by MF1 Capital LLC, a joint venture between Limekiln Real Estate and Berkshire Residential.
Riverwalk Phase III & IV (also known as The Landings at Riverwalk) consists of four buildings situated on a 7-acre site along the Passaic River. Phase III, comprising 240 units across two buildings, was completed in early 2023 and is currently 85 percent occupied. Phase IV adds 150 units in two additional buildings. Construction of Phase IV has completed and leasing began in the second quarter of this year.
The property features a mix of one-, two- and three-bedroom units. Amenities include a fitness center, pool, courtyard and outdoor patios with grilling areas, a dog park, a nature path along the river, multiple resident lounges in each building, a yoga studio and coworking spaces.