JLL Capital Markets announced on Tuesday it has arranged $30 million in financing for a multi-housing project in Bergen County.
Ivy Lane, a 237-unit, garden-style community, is located on the border of Teaneck and Bergenfield along Liberty Road. It has 17 two-story buildings with a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. The property also features 227 on-site parking spots and 102 garages.
The JLL Capital Markets team of Thomas Didio, senior managing director, and Gerard Quinn, analyst, worked on behalf of the borrower, Tower Management Services, to secure the 10-year loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler L.P., a JLL company and Freddie Mac lender.
“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.”