JLL Arranges Sale and Balbec Capital Financing for Ridge Pointe Multifamily in Fort Lee, NJ

MORRISTOWN, N.J. — July 29, 2026 — JLL Capital Markets has arranged the sale and acquisition financing of Ridge Pointe, a 132-unit multifamily community located at 1 Executive Blvd. in Fort Lee, Bergen County, New Jersey. SELA Realty Investments, LLC acquired the property, with Balbec Capital providing a floating-rate loan to support the transaction.

JLL represented both the seller and the buyer, SELA Realty Investments, LLC, in the transaction. The firm's debt advisory team also represented the buyer in securing the Balbec Capital financing.

Property Overview: Oversized Units and Extensive Amenities

Ridge Pointe is a seven-story mid-rise originally constructed in 1985 as an office building and converted to residential use in 2014. The property offers studios, one-, two- and three-bedroom units with an average size of 1,296 square feet — substantially larger than competing properties in the Fort Lee submarket. Units feature condo-style finishes and floor-to-ceiling windows with panoramic views of the Manhattan skyline and the George Washington Bridge.

The building includes more than 20,000 square feet of amenities, encompassing a rooftop lounge, golf simulator, screening room, fitness facility, spin room, yoga room, billiards room and children's playroom.

The property's location less than one mile from the George Washington Bridge provides residents with direct access to Manhattan via multiple NJ Transit bus stations and proximity to the Edgewater Ferry Landing, which offers NY Waterway service to West 39th Street in Midtown Manhattan.

Strong Submarket Demographics Support Value-Add Thesis

Fort Lee's demographic profile underpins the investment rationale. Nearly half of the borough's residents are renters, with an average household income exceeding $145,000. Within a one-mile radius of Ridge Pointe, 79% of residents are white-collar professionals and 65% hold a bachelor's degree or higher. The property is also situated near three Blue Ribbon schools: Bergen County Tech, The Elisabeth Morrow School and The Roosevelt School.

JLL's sales and advisory team characterized the deal as a value-add opportunity, citing the property's transit-oriented location, the potential for additional parking delivery and a constrained new supply pipeline in the submarket.

"Ridge Pointe's oversized floor plans create a differentiated living experience that provides families and professionals working from home with substantially more usable space than competing properties in the submarket," said Senior Managing Director Mike Oliver. "Combined with the property's transit-oriented location, embedded upside potential from additional parking delivery and constrained new supply pipeline, this asset represents a compelling value-add opportunity in one of New Jersey's most desirable submarkets."

Balbec Capital Provides Floating-Rate Debt in Active Lending Environment

Balbec Capital LP, an alternative credit platform with $8 billion of regulatory assets under management, provided the floating-rate acquisition loan. Balbec's commercial mortgage strategy focuses on whole loan opportunities, including transitional loan origination, across major and secondary metropolitan statistical areas in the United States and Europe.

Senior Managing Director Thomas E. Didio, Jr.., Senior Director Gerard Quinn, Associate Michael Mataras and Analyst Tyler Caricato led JLL's debt advisory efforts on the transaction.

"There is substantial liquidity in the debt fund space today for multifamily opportunities," Quinn said. "Balbec recognized this opportunity and was able to quickly provide an attractive financing solution for SELA in today's competitive lending environment."

The deal reflects broader activity among non-bank lenders and debt funds, which have become increasingly active in transitional and value-add multifamily financing as traditional bank lenders have maintained a more selective posture. Balbec Capital's involvement illustrates the role alternative credit platforms are playing in filling that gap for well-located multifamily assets.

JLL Team and Market Context

JLL Capital Markets' sales and advisory team representing the seller was led by Senior Managing Directors Mike Oliver, Steve Simonelli and Jose Cruz, Senior Director Elizabeth DeVesty, Director Austin Pierce and Senior Analyst CJ Anania.

The transaction fits into a pattern of capital returning to multifamily as a preferred sector within U.S. commercial real estate. Investors have shown continued appetite for income-producing residential assets in affluent, supply-constrained markets on the urban fringe of major metropolitan areas — a profile that Fort Lee and greater Bergen County closely match. Ridge Pointe's 1,296-square-foot average unit size positions it as a differentiated product in a region where renters are accustomed to significantly smaller footprints, and where hybrid and remote work arrangements have elevated demand for larger living spaces within commuting distance of Manhattan.

The sale price, loan amount, cap rate and current occupancy were not disclosed.

JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in more than 80 countries with a global workforce of more than 113,000 as of March 31, 2026.

Sources

• JLL Newsroom: Ridge Pointe Fort Lee Sale and Financing Announcement