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| Ivy Lane, a 237-unit, garden-style multi-housing community in Bergenfield, Bergen County, NJ |
MORRISTOWN, NJ – JLL
Capital Markets announced it has arranged $30 million in financing
for Ivy Lane, a 237-unit, garden-style multi-housing community in
Bergenfield, Bergen County, New Jersey.
JLL worked on behalf of the borrower, Tower
Management Service, L.P., to secure the 10-year, fixed-rate loan through
Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL
company and a Freddie Mac Optigo℠ lender.
Ivy Lane is located on the border of Teaneck and
Bergenfield along Liberty Road less than eight miles from Manhattan.
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| Thomas Didio |
The property consists of 17 two-story buildings
that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom
units with an average unit size of 582 square feet.
Ivy Lane also includes 227 on-site parking
spaces and 102 garages. The borrower also owns and operates the adjacent Omni
Apartments and both communities have experienced high historical occupancies.
The JLL Capital Markets team representing the
borrower was led by Senior Managing Director Thomas Didio and Analyst Gerard
Quinn.
“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.”
For more
news, videos and research resources on JLL, please visit the firm’s U.S. media
center Web page: U.S. newsroom.
Contact:
Kristen
Murphy
JLL Senior Manager
Public
Relations
Phone: +1
617 848 1572
Email: Kristen.Murphy@am.jll.com
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