BNE Scores $103M for NYC-Area Luxury Asset

JLL arranged the financing through Northwestern Mutual.

Property at 2 River Road, Chatham, N.J.
The Ivy encompasses 34,000 square feet of amenities. Image courtesy of JLL

BNE Real Estate Group has secured $103 million for the refinancing of The Ivy, a six-story, 245-unit luxury community in Chatham, N.J. Working on behalf of the developer, JLL arranged the 10-year, fixed-rate note through Northwestern Mutual.

The property’s existing debt includes an $83.5 million construction loan originated by Valley National Bank in 2022, Yardi Matrix data shows.

The development was also funded through a Payment in Lieu of Taxes deal adopted via ordinance by the Borough of Chatham Council. Chatham Borough Council member Jocelyn Mathiasen said at the time the agreement will generate $49 million in revenue.

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Approved by the Borough of Chatham Council in 2021, the community also includes 37 affordable housing units. Minno and Wasko provided design services curated by ID & Design International and Mary Cook Associates, while Bohler served as landscape architect.

Delivered in 2023, The Ivy comprises one- to three-bedroom floorplans ranging from 779 to 1,666 square feet. Apartments feature 9- to 11-foot-10-inch ceilings, oversized windows with solar shades, as well as modular closet storage. Select units have built-in wine bars and desk areas.

The property encompasses nearly 34,000 square feet of community amenities, including three courtyards, a swimming pool with private cabanas, a game lounge and a media room, among others. The Ivy also features a coworking lounge with private offices, a coffee bar and an around-the-clock concierge.

Located at 2 River Road, The Ivy is 4 miles north of Interstate 78 and some 5 miles east of the Great Swamp National Wildlife Refuge. Less than 2 miles away, The Summit train station connects to Manhattan, Philadelphia and the Newark Liberty International Airport. Providing more than 1.3 million square feet of retail, The Mall at Short Hills is 2 miles away.

JLL Senior Managing Director Michael Klein and Senior Director Thomas E. Didio Jr., alongside Vice President Ryan Carroll, secured the financing for BNE Real Estate Group.

Northern New Jersey investment takes flight

Northern New Jersey’s investment scene witnessed three assets—totaling 337 units—changing hands in 2024’s first quarter, accounting for a sale volume of $138 million, Yardi Matrix data shows.

This marks a slight increase from the first three months of 2023, when the investment volume totaled more than $127.3 million in transactions involving 481 units across seven assets, the same source reveals.

According to the same data provider, the price per unit spiked during this year’s first quarter, averaging $411,870, more than double than last year’s figure of $198,174 recorded during the same interval.

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