JLL Capital Markets announced that it has arranged $31.5 million in financing for the acquisition and renovation of Hackensack Gardens, a 198-unit, garden-style, multihousing community located in Hackensack, Bergen County, New Jersey.
JLL represented the borrower, Tower Management Service, L.P., to secure a five-year, fixed-rate loan through ConnectOne Bank.
Built in 1948, the 16-builidng Hackensack Gardens features one- and two-bedroom floorplans, as well as an on-site leasing office and laundry facilities. Renovations will include new kitchens with stainless steel appliances and quartz countertops, in addition to upgraded bathrooms and flooring.
Located at 100-A Arcadia Rd. the property is situated within the South River Street/East Moonachie Road neighborhood, just off the thriving Essex Street city center. The city of Hackensack is approximately 12 miles northwest of Midtown Manhattan and about seven miles from the George Washington Bridge. Nearby employment centers include Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport the Bergen County Courthouse and Bergen Community College.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Thomas R. Didio, Thomas E. Didio Jr., Gerard Quinn and Michael Meisner.
“ConnectOne understands Tower Management’s expertise in operating and renovating garden-style apartment communities and recognized the attractive fundamentals of the deal. The Bank did a great job closing the loan to meet an aggressive closing timeframe,” stated Didio, Jr.
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 and sales 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.
