JLL Capital Markets announced that it has arranged a $115 million refinancing of Ivy and Green, a newly delivered, luxury multifamily community totaling 389 units in Hackensack, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Hornrock Properties and GTIS Partners, to secure the eight-year, fixed rate loan through Northwestern Mutual Life Insurance Company.
Units are offered in studio, one-bed and two-bedroom layouts and feature luxury finishes such as nine-foot ceilings, plank flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers and balconies in select units. Amenities include concierge services, an outdoor pool and sundeck, fitness center and yoga studio, co-working spaces, resident lounge, theater and music studio, pet spa, bike storage and EV charging stations. Additionally, the property offers an on-site parking garage with 430 resident spaces and 200 public spaces.
Ivy and Green is located at 1 Park Avenue in the heart of downtown Hackensack, just 14 miles northwest of Manhattan. The transit-oriented community is walkable to the Hackensack Bus Terminal providing connections to Newark Penn Station and Journal Square and is close to the Anderson Street Station and Essex Street Station, which provide train service into New York’s Penn Station. Ivy and Green is also walkable to many local amenities in Hackensack, including a variety of local bars, restaurants, shops, parks and medical centers.
JLL’s Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Thomas Didio, Managing Director Thomas E. Didio, Jr. and Senior Analyst John Cumming.
“Due to the scarcity of available land and strict zoning restrictions, the Bergen County multifamily market, where Ivy and Green is located, is one of the tightest supply constrained markets in the region” Klein said. “We had a generous amount of lender interest due to the property’s premier sponsorship, quality construction, abundance of amenities, and proximity to Manhattan and other local and regional Northern New Jersey employment centers.”
“Liquidity in the pre-stabilized multifamily market continues to be incredibly robust. Ivy & Green’s strong lease-up commanded aggressive fixed-rate interest from the life companies and agencies. NML was able to underwrite through the remaining lease-up and structure an 8-yr loan to coincide with the property’s Opportunity Zone designation. Thank you to the Hornrock, GTIS, and NML teams for a successful transaction,” added 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 sales and 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.
