JLL Secures $30M for New Jersey Community
- May 13, 2020
JLL Capital Markets has secured a $30 million Freddie Mac loan for Ivy Lane, a 237-unit, garden-style community in Bergenfield, N.J. Senior Managing Director Thomas Didio and Analyst Gerard Quinn led the team working on behalf of the borrower, Tower Management Service. HFF will service the 10-year, fixed-rate mortgage.
Located at 8 Howard Drive, the community consists of 17 two-story buildings completed in 1941. The unit mix features one- to three-bedroom floorplans averaging 631 square feet, according to Yardi Matrix data. The 8.5-acre site also includes 227 parking spaces and 102 garages.
Ivy Lane is less than 2 miles south of the city center, adjacent to Foster Village Shopping Center and near a dense retail area alongside Washington Avenue and Woodbine Street. Several bus stations are within walking distance, providing residents with easy transportation options to and from New York City. Downtown Manhattan is some 12 miles north of the community.
In February, a JLL team arranged $20.5 million in acquisition financing for a 93-unit property in Jersey City, N.J. Jon Mikula, Andrew Zilenziger and Zachary Chaikin represented the buyer in the transaction.