FINANCIAL_SERVICESPENDING

Ion Bank Offers Financing Plan For Harrison Project

Ion Bank presented a financing proposal to TBF LLC for up to approximately $17.1 million in construction-to-permanent funding for the Harrison Avenue mixed-use redevelopment in Waldwick. The loan would feature a 24-month SOFR-based interest-only construction phase followed by a 10-year amortizing mortgage with periodic rate resets.

Status
PENDING
Document date
August 25, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Ion Bank
Agency
Borough of Waldwick · NJ

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Lesser of $17,100,000, or 75% loan to as-stabilized value, or 65% loan to cost, or pro forma 1.20x DSCR
Contract type
FINANCIAL_SERVICES
Contract term
24-month interest-only construction period with up to two 6-month extensions; 10-year permanent term with 30-year amortization and 3-year rate resets
Renewal
Proposal allows up to two 6-month construction extensions at the borrower’s request and includes 3-year rate reset periods with associated prepayment penalties.
Document type
AgendaPacket
Source document
Borough of Waldwick AgendaPacket Special Meeting 2026-08-25

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Borough of Waldwick?

Ion Bank was awarded this financial services contract by Borough of Waldwick, as recorded on August 25, 2026. The contract value is Lesser of $17,100,000, or 75% loan to as-stabilized value, or 65% loan to cost, or pro forma 1.20x DSCR.

How much is the Ion Bank contract with Borough of Waldwick worth?

The Ion Bank contract with Borough of Waldwick is valued at Lesser of $17,100,000, or 75% loan to as-stabilized value, or 65% loan to cost, or pro forma 1.20x DSCR, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in Borough of Waldwick AgendaPacket Special Meeting 2026-08-25 (AgendaPacket), dated August 25, 2026 from Borough of Waldwick. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Ion Bank hold?

Ion Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is Borough of Waldwick currently buying?

Explore Borough of Waldwick's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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