Northwestern Mutual Provides $103M Refi for New Jersey Apartment Complex
BNE Real Estate Group developed and opened the 245-unit Ivy Chatham last year
By Brian Pascus May 24, 2024 12:55 pm
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BNE Real Estate Group has secured $103 million to refinance The Ivy Chatham, a six-story, 245-unit luxury multifamily apartment complex that opened last year in New Jersey’s Morris County.
Northwestern Mutual provided the financing, a 10-year, fixed-rate loan, while the JLL Capital Markets team of Michael Klein, Thomas E. Didio Jr. and Ryan Carroll arranged the deal on behalf of BNE Real Estate Group.
JLL’s Klein called The Ivy Chatham “one of Northern New Jersey’s premier rental communities,” in a statement.
“The significant amount of interest from lenders prior to the property’s stabilization is a testament to the quality of the product, highly desirable location and strength of the sponsor,” he said.
Located at 2 River Road in Chatham, a five-minute drive from both the Canoe Brook Country Club and The Mall at Short Hills, The Ivy Chatham features one- to three-bedroom apartments. The complex’s amenities include an outdoor pool with cabanas, a covered outdoor lounge, a screening room, fire pits, a fitness center, a sports simulator, a kids room, and a pet spa.
Sitting near Interstate 78 and the Garden State Parkway, the property is close to New York City, Philadelphia and Liberty-Newark International Airport. The Summit Train Station is less than two miles from residents, and the line provides direct access into Manhattan in (theoretically) less than 45 minutes.
BNE Real Estate Group did not respond to a request for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
