JLL Capital Markets secured $24.2 million in acquisition financing for Hudson River Apartments in North Bergen on behalf of borrower Tower Management Service, L.P. The 215-unit apartment complex, located at 7112-7312 JFK Boulevard East, offers sweeping views of the Hudson River and Manhattan.
River Edge-based Tower turned to JLL Capital Markets’ Debt Advisory team of Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr, Director Gerard Quinn and Senior Analyst Michael Mataras to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender, will service the loan.
“We’re thrilled to have secured long-term, fixed-rate acquisition financing through Freddie Mac for Tower Management,” offered JLL’s Quinn. “This deal underscores the continued competitiveness of the agencies in providing capital for existing multi-housing assets. Their aggressive lending terms remain a cornerstone of the multifamily financing landscape.”
Constructed in 1949, Hudson Ridge Apartments comprises a mix of studios, one- and two-bedroom rentals in five 5-story buildings in a grassy, campus-like setting. All apartments come with hardwood floors, oversized closets, stainless steel appliances and other modern amenities. Outdoors, residents enjoy picnic areas and garage parking.
The location allows convenient access to Manhattan, Hoboken and Jersey City via New York Waterway ferries, the Hudson-Bergen Light Rail line and NJ Transit. It is also conveniently close to major transportation routes, including the New Jersey Turnpike. North Bergen has proven to be an attractive submarket in the metropolitan NYC metropolitan area with easy access to major employment opportunities as well as shopping, dining and recreation.
