Riverwalk in Elmwood Park, New Jersey

JLL Arranges $49 Million to Develop Phase Two of Riverwalk in Elmwood Park, New Jersey

by Channing Hamilton

ELMWOOD PARK, N.J. — JLL Capital Markets has negotiated the $49 million capitalization for the second phase of Riverwalk, a four-phase master-planned development in Elmwood Park. Phase two of Riverwalk will comprise 150 units across two buildings, and is slated to deliver in the fourth quarter of 2024. At full build-out, the community will offer amenities such as a fitness center, outdoor pool deck, lounge and a business center. The property will also feature 15,000 square feet of retail space. 

JLL represented the borrower, Riverwalk, to secure the $32 million three-year, floating-rate loan through Provident Bank, and sourced $17 in million preferred equity from Hickory CRE Lending. JLL also financed the permanent loan for the first two phases of the project. Thomas Didio and John Cumming led the JLL Capital Markets Debt Advisory team.

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