Development will continue on The Landings at Riverwalk’s third and fourth phases thanks to the efforts by JLL Capital Markets who secured a $131.1 million senior financing for the 390-unit luxury multifamily/mixed use development in Elmwood Park.
JLL represented the borrower, a privately-owned real estate development company headed by Bernard Langan, in arranging the five-year, fully extended floating-rate loan through MF1 Capital LLC, a 50/50 JV between Limekiln Real Estate and Berkshire Residential.
Riverwalk Phase III & IV consists of four apartment buildings situated on a seven-acre site along the Passaic River. Phase III, comprising 240 units across two buildings, was completed in early 2023 and is currently 85% occupied. Phase IV adds 150 units in two additional buildings with construction completed and lease-up commenced in the second quarter of 2025. The property features a mix of one-, two- and three-bedroom units ranging from 772 to 2,321 square feet.
The development is strategically located with exceptional access to major transportation arteries including I-80, Rte-46, Garden State Pkwy. and Rte-21. The property offers residents luxury amenities including a fitness center, outdoor swimming pool, courtyard and outdoor patios with grilling areas, a dog park, nature path along the river, multiple resident lounges in each building, yoga studio, indoor entertainment and workshare spaces, as well as retail space.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Tyler Caricato.
“Riverwalk Phase III & IV represents a prime luxury residential opportunity in Bergen County, providing residents with high-end finishes and modern amenities in a convenient location with excellent transportation access,” Didio, Jr. said. “The project’s strong performance to date demonstrates the continued demand for quality multifamily housing in this pocket of Bergen County.”
The area’s appeal was recently reinforced by MLB Network’s announcement to relocate their headquarters to Elmwood Park in 2028, highlighting the continued attractiveness of Bergen County for major businesses.
