Riverwalk Phase III & IV: $131.1M bridge financing secured for luxury multifamily in Elmwood Park

MORRISTOWN, N.J., Aug. 5, 2025 – JLL Capital Markets announced today that it has secured a $131.1 million senior financing for Riverwalk Phase III & IV, a 390-unit luxury multifamily/mixed use development in Elmwood Park, Bergen County, New Jersey.

JLL represented the borrower, a privately-owned real estate development company headed by Bernard F. 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 (also known as The Landings at Riverwalk) 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," said Didio, Jr. "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.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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MF1 is a multifamily lending platform led by seasoned professionals from Berkshire Residential Investments and Limekiln Real Estate. MF1’s debt strategy focuses on the origination of floating-rate, transitional senior mortgages generally underwritten to qualify for refinance based on Freddie Mac and Fannie Mae underwriting standards. MF1 also provides mezzanine and preferred equity capital for select multifamily transactions.

MF1 has sponsored and/or issued 19 separate securitization transactions totaling over $21.1 billion. In each such transaction, the MF1 platform retained the junior-most securities, acting as risk retention holder.