$103M financing secured for 245-unit Ivy, luxury northern New Jersey multihousing community

BNE Real Estate Group secured a 10-year, fixed-rate, $103 million loan through Northwestern Mutual Life Insurance Co. for the Ivy, a recently delivered, six-story, 245-unit luxury multihousing community located in Chatham, according to a Wednesday announcement from JLL Capital Markets.

Completed in 2023, the Ivy features one-, two- and three-bedroom units with an average size of 1,158 square feet. The units feature high ceilings, oversized windows, luxury plank flooring, modular closet storage and a modern kitchen with quartz countertops and a stainless-steel appliance package.

Community amenities include a resort-style pool with private cabanas, a heated and covered outdoor lounge, a multipurpose lawn, a media screening room, private barbecue and dining areas, firepits, bar areas, commercial-grade fitness center and movement studio, multiple social lounges, coworking lounges with private offices, sports simulators, card rooms, kids’ playroom, a 24/7 concierge, on-site management, a pet spa and dog run, shuttle service to New Jersey Transit and a covered garage parking.

Situated at 2 River Road, the property is one mile from the Chatham Train Station and 1.8 miles from the Summit Train Station, providing a direct commute to Manhattan in 46 minutes, as well as access to Philadelphia, Newark Liberty International Airport and other major cities and transportation hubs in the region via the Morris and Essex Line.

Both Interstate 78 and the Garden State Parkway provide connectivity to major employment hubs within the immediate vicinity and greater northern New Jersey area. Residents also benefit from its proximity to several grocers, as well as the Mall at Short Hills.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Michael Klein, Senior Director Thomas E. Didio Jr. and Vice President Ryan Carroll.

“JLL is pleased to have assisted BNE in securing financing for one of northern New Jersey’s premier rental communities,” Klein said. “The significant amount of interest from lenders prior to the property’s stabilization is a testament to the quality of the product, highly desirable location and strength of the sponsor.”