JLL Capital Markets Secures $48 Million Construction Loan for Phase III Development of Riverwalk in Elmwood Park, New Jersey

MORRISTOWN, NJ – JLL Capital Markets announced today it arranged a $48 million construction loan for the development of Phase III of Riverwalk, a luxury residential community located in Elmwood Park, Bergen County, New Jersey, approximately 14 miles from New York City.

JLL worked on behalf of the borrower, Riverwalk III LLC, to secure the three-year construction loan through the lender, Provident Bank and Investors Bank.  In addition to 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 contained in two state-of-the-art residential buildings overlooking the river and adjacent the existing riverwalk path, with substantial covered parking. This next phase of development has already broken ground upon closing the loan and will begin leasing in 18-24…

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