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Bergen County Luxury Complex Secures $85M Refinancing to Extend Debt and Fund Upgrades

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  //house-home.news-articles.net/content/2025/12/2 .. efinancing-to-extend-debt-and-fund-upgrades.html
  Published in House and Home on Saturday, December 20th 2025 at 17:35 GMT by NJ.com

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Luxury 309‑Unit Complex in Bergen County Secures $85 Million Refinancing

A newly opened, 309‑unit luxury apartment complex in Bergen County, New Jersey, has recently closed on an $85 million refinancing package that will extend its debt maturity, lower its borrowing costs, and provide additional working capital for future development and property improvements. The deal, announced in a press release on the NJ.com news site, reflects the ongoing boom in upscale residential real estate in the region and the confidence that lenders have in the market’s resilience amid a changing economic backdrop.

Project Overview

The development, located on a 12‑acre parcel in the suburban town of Ridgefield, sits within easy reach of major commuter routes to New York City, a key selling point for its target demographic. Developed by Vantage Properties, a local firm with a track record of luxury high‑rise projects, the complex offers 309 one‑, two‑, and three‑bedroom units, each featuring floor‑to‑ceiling windows, high‑end appliances, and private balconies. The average price per unit ranges from $525,000 for a one‑bedroom to $1.25 million for a three‑bedroom suite, with many units selling at or near list price before the building opened in October.

In addition to spacious interior layouts, the property boasts a host of premium amenities designed to compete with the most upscale offerings in the Northeast: a climate‑controlled indoor pool, a state‑of‑the‑art fitness center, a 24‑hour concierge and security service, a rooftop garden with panoramic views of the Hudson Valley, a dog park, and an on‑site childcare center. Sustainability credentials were also a priority, with the building incorporating solar panels on the roof, geothermal heating and cooling, and a rainwater harvesting system that supports the landscaping.

Refinancing Details

Lender: The refinancing was provided by Citibank Real Estate Finance, a division of Citibank that specializes in commercial real‑estate debt. In the loan package, Citibank replaced an initial $120 million construction loan, which was held by a consortium of banks and a hedge‑fund partner. The new debt is structured as a 15‑year, fixed‑rate note at 4.125 % with an upfront fee of 1.5 % of the principal.

Purpose: The $85 million refinancing is intended to pay down the original construction loan, extend the loan maturity, and generate cash for the developer to undertake planned renovations and an expansion of the property’s common‑area amenities. “The new structure provides us with the financial flexibility we need to continue enhancing the resident experience and maintain the property’s competitive edge,” said Michael R. Lee, chief financial officer at Vantage Properties.

Interest Rate Context: The current rate, 4.125 %, reflects a modest decline from the 4.5 % average that was in place during the height of the pandemic’s recovery period. Industry analysts note that the rate is particularly attractive given the building’s high occupancy levels and the overall stability of the New Jersey luxury market, which has continued to attract New York‑based professionals seeking more spacious and affordable living arrangements.

Market and Economic Context

The refinancing comes amid a sustained demand for luxury apartments in New Jersey. According to a recent report from the New Jersey Realtors Association, the state has seen a 12 % increase in the number of high‑end units sold in 2025, with a particular surge in the Bergen and Hudson County corridors. Several factors are driving this trend:

1. Remote‑Work Flexibility: The continued prevalence of hybrid work arrangements has made it more feasible for professionals to live outside New York City while still commuting on a weekly basis.
2. Tax Incentives: New Jersey’s relatively low property tax rates, compared to New York, have made the region more attractive to high‑income earners.
3. Supply Constraints: There remains a shortage of luxury housing in the region, creating scarcity that keeps prices robust.

In an interview quoted in the article, Elaine Chen, a real‑estate analyst with the Bergen County Economic Development Corporation, highlighted how projects like the Ridgefield complex are shaping the county’s housing landscape. “This project illustrates how developers are leveraging the current market to build high‑quality, high‑yield properties that serve both residents and investors,” she said. The article cites a separate link to Chen’s full analysis on the Bergen County Economic Review website, which provides deeper insights into the region’s housing dynamics and projected growth.

Developer Perspective and Future Plans

Vantage Properties, led by CEO Thomas Harrington, has expressed enthusiasm about the refinancing and the broader potential it unlocks for the property. “We’re excited to use the proceeds to add a second wellness center, upgrade the existing fitness equipment, and expand our community programming,” Harrington noted. The company also plans to pursue a phased addition of 30 new units on the property’s south side, contingent on securing additional financing and zoning approval.

The developer’s strategy aligns with a broader trend of “up‑cycling” existing properties and expanding luxury footprints within suburban contexts. The refinancing’s extended term and lower interest rate also make it easier for Vantage Properties to budget for future capital expenditures and to maintain a steady cash flow for residents and investors alike.

Links to Additional Context

The original NJ.com article includes several hyperlinks that offer readers deeper dives into related topics:

• Developer Profile – A link to Vantage Properties’ corporate website, which provides a portfolio of past projects and detailed financial statements.
• Lender Announcement – A press release from Citibank Real Estate Finance outlining the loan’s terms and the bank’s perspective on the transaction.
• Market Data – A link to the New Jersey Realtors Association’s 2025 Market Report, which offers a statistical overview of sales trends, rental rates, and market forecasts.
• Economic Analysis – A direct citation to Elaine Chen’s full analysis on the Bergen County Economic Review site, giving broader economic context to the project.

These references reinforce the article’s emphasis on the interplay between local economic conditions, developer strategy, and financial engineering in shaping New Jersey’s luxury residential landscape.

Bottom Line

The $85 million refinancing of the Ridgefield luxury apartment complex represents more than just a financial transaction; it is a strategic move that underscores the confidence of both developers and lenders in New Jersey’s high‑end residential market. With a high occupancy rate, premium amenities, and a favorable economic environment, the complex is poised to become a benchmark for luxury living in the region. As the refinance is completed, Vantage Properties is set to continue enhancing the property, potentially adding more units and amenities that will keep the building competitive in a market that is only getting hotter.