The third phase of the Riverwalk luxury residential community in Elmwood Park has secured construction financing, according to real estate firm JLL Capital Markets.
The firm said in a news release that it arranged a three-year, $48 million loan for the development of the project’s Phase III. JLL worked on behalf of the borrower, Riverwalk III LLC, to secure the loan through Provident Bank and Investors Bank. In addition to the senior construction loan, Bill Procida’s 100 Mile Fund provided preferred equity financing.
The next phase of the project will include 240 luxury rental units in two state-of-the-art buildings overlooking the river. The development already has broken ground and will begin leasing in 18-24 months, JLL said.
The team representing the borrower was led by Thomas Didio, senior managing director, and Thomas E. Didio Jr., director.
“This transaction highlights the continued success of the Riverwalk master-planned development,” Didio Jr. said in a prepared statement. “We are grateful to Bernie Langan to have been a small part of all three phases of this transformative project, and look forward to seeing the build and lease-up of Phase III.”
The Riverwalk community at 300 Riverfront Blvd. currently has 158 units within two, four-story buildings built in 2012 and 2014, as well as retail space and offices. The new buildings will include one- and two-bedroom units, with lofts on the top floor of each building. Additional community amenities are also slated for the project phase.