The loan transaction involves a development site located at 300 Riverfront Boulevard in Elmwood Park. The property is part of the larger Riverwalk community and offers convenient access to major highways. The loan amount for this transaction is $49,000,000 and it is a construction loan with a three-year, floating-rate term. The loan was secured by JLL Capital Markets, with $32,000,000 provided by Provident Bank and $17,000,000 in equity from Hickory CRE Lending.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $49,000,000
• Lender: Provident Bank & Hickory CRE Lending
• Landlord: Riverwalk
• Brokers: John Cumming & Thomas E. Didio, Jr. - JLL
• Date: 02/09/2024
• Market: Elmwood Park

JLL's team, led by Senior Director Thomas Didio Jr., oversaw the transaction and secured the loan from Provident Bank and equity from Hickory CRE Lending. The loan will contribute to the development of a 150-unit residential project in Elmwood Park, enhancing the Riverwalk community with modern amenities.