$78M refinancing secured for Bergen County multihousing community

JLL Capital Markets on Monday said it completed the refinancing of the Current on River, a 254-unit, newly constructed multihousing community in Hackensack.

JLL represented the borrower, Brickyard Urban Renewal LLC, an affiliate of Hekemian & Co. Inc., to secure the 10-year, fixed-rate loan through New York Life Real Estate Investors.

Built in 2020, the Current on River features one- and two-bedroom units with granite and quartz countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers, a private patio or balcony and an average size of 846 square feet. Community amenities include a fitness center, pool with sundeck, barbecue and picnic area, courtyard, coffee bar, clubroom, work lounge, pet spa, garage parking, bike storage and conference room.

Located at 18 E. Camden St., the property provides residents access to Route 4 and Interstate 80 and is supported by the presence of two New Jersey Transit train stations within the city. Additionally, the Hackensack Bus Terminal, with the River Street at Berry Street stop, is directly outside the property to the east.

It is also within close distance of Routes 46 and 17, two prime retail corridors within the northern New Jersey region. Nearby employment centers include Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport, the Bergen County Courthouse and the adjacent Bergen Community College.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio Jr. and associate Gerard Quinn.