The effort to redevelop a large parcel in West New York has obtained a significant chunk of change towards its buildout as the Port Imperial community continues to grow.
JLL announced that it has arranged $150 million in construction financing for Riverbend 3, a to-be-built 11-story luxury apartment building located at 30 Avenue at Port Imperial in West New York. The property, which will be the only rental building directly on the waterfront, is part of the 200-acre master-planned community and is just north of NY Waterway’s ferry terminal.
JLL worked on behalf of the borrower, Canoe Brook Development, to secure the five-year fixed-rate loan through The Northwestern Mutual Life Insurance Company. The team was led by Senior Managing Directors Jon Mikula, Jim Cadranell, and Steven Klein with Associate Ryan Carroll.
“JLL was pleased to represent Canoe Brook in obtaining construction financing for this exceptional project on the New Jersey waterfront,” said Cadranell in a statement. “Following JLL’s comprehensive marketing effort, The Northwestern Mutual beat out a strong field of contenders with an attractive fixed-rate option.”
The effort to build Riverbend 3 (or RB3 as it is being branded) involved tearing down an existing residential complex that has been constructed as part of Port Imperial’s first development wave. The revamped RB3 will feature studio, one- and two-bedroom units with modern kitchens, quartz countertops, stainless-steel appliances, large balconies, wide windows and in-unit washers and dryers.
Amenities at the property will include a state-of-the-art fitness center with five separate specialized rooms, a residential club room, private work offices and coworking spaces, a sundry shop, a dog salon, a virtual reality room, a golf simulator, a kids’ playroom, a sky lounge, a resort-style pool, a pickle ball court, grilling areas and more.
RB3 will join over 7,500 apartments in Port Imperial, which runs through portions of Weehawken, West New York, and Guttenberg. The entirety of the development includes 150,000 square feet of retail, two Marriott hotels, two public garages, and over 20 acres of public space including parks, sports fields, outdoor retail plazas and a two-mile riverfront walkway.
With financing now in place, Canoe Brook Development expects to deliver Riverbend 3 during the fourth quarter of 2026.
