JLL arranges $60M refinancing for Hackensack apartment tower

JLL Capital Markets has arranged a $60 million refinancing for a multihousing tower located in Hackensack, it announced this week.

The 18-story building at 170 Prospect Ave., Excelsior II, includes 267 units in one- and two-bedroom layouts, JLL said in a news release. The company worked on behalf of the borrower, Tidewater Real Estate Co., to secure a 30-year self-liquidating loan through John Hancock.

The team was led by Gregory Nalbandian, senior managing director, and Michael Lachs, vice president.

“We were pleased to place this long-term, 30-year fixed-rate loan through our correspondent relationship with John Hancock,” Nalbandian said in a prepared statement. “This asset is the most desirable apartment project along Prospect Avenue and the greater area, and there was no shortage of interest to finance this trophy property.

“Our client took advantage of historically low interest rates and locked in an extremely attractive rate for the next 30 years.”