C&W arranges $52M in construction financing for Hackensack multifamily property

Cushman & Wakefield‘s Equity, Debt & Structured Finance group announced Monday it has arranged $52 million in construction financing for a multifamily development set to launch in Hackensack.

The property at 435 Main St. will be redeveloped by Waypoint Residential with 235 Class A rentals.

John Alascio and Sridhar Vankayala of Cushman & Wakefield’s EDSF team led the assignment on behalf of Waypoint. Brian Whitmer of the firm’s New Jersey capital markets practice provided market support for the deal, which was executed through Citizens Bank.

“435 Main Street represents a compelling financing opportunity for lenders given its transit-oriented location, strong sponsorship and the opportunity to develop in a vibrant re-emerging neighborhood experiencing increased renter demand as cost-conscious renters migrate farther from New York City,” Alascio said. “Citizens Bank understood the opportunity and provided attractive terms that matched Waypoint Residential’s business plan.”

The multifamily project is within close access to the Anderson Street New Jersey Transit rail station, a new grocery store and a walkable downtown area. It will have four stories, two stories of parking and many amenities.

“Despite a tightening availability of construction financing, Cushman & Wakefield EDSF was successful in generating strong interest,” Vankayala said. “Hackensack’s compelling growth story proved attractive to lenders, who are still keen to lend on multifamily construction projects — particularly for strong, proven sponsors, like Waypoint.”