JLL Capital Markets said Tuesday it arranged $31.5 million in financing to acquire and renovate Hackensack Gardens, a 198-unit, garden-style multihousing community located in Hackensack in Bergen County.
JLL represented the borrower, Tower Management Service L.P., to secure a five-year, fixed-rate loan through ConnectOne Bank.
Located at 100-A Arcadia Road, the 16-builidng property is situated within the South River Street/East Moonachie Road neighborhood, just off the thriving Essex Street city center.
Built in 1948, Hackensack Gardens features one- and two-bedroom floor plans, 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.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Thomas Didio, Thomas 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,” Didio Jr. stated.
