Refinancing worth $78 million was recently secured for a newly constructed, multi-housing community in Hackensack, Bergen County, New Jersey.
Located at 18 E. Camden Street, The Current on River contains 254 units with a mixture of one- and two-bedroom apartments. Built in 2020, the apartments have an average size of 846 square feet. Community amenities include garage parking, fitness center, pool with sundeck, pet spa, conference room, work lounge, and various social spaces.
The property is situated in proximity to the I-80, Routes 4, 17, and 46, along with two NJ Transit train stations within the city. The Hackensack Bus Terminal, with the River Street at Berry Street stop, is directly outside the property to the east.
The borrower, Brickyard Urban Renewal, LLC, an affiliate of Hekemian & Co., Inc., was represented by JLL Capital Markets. The JLL team, led by Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio, Jr., and Associate Gerard Quinn, secured a 10-year, fixed-rate loan through New York Life Real Estate Investors.
“The Current on River is a transformative project featuring best-in-class amenities and unit finishes. The life company market remains aggressive for core, best-in-class, new development multi-housing product. Thank you to Brickyard Urban Renewal, LLC and the Hekemian & Co. team for entrusting JLL to drive the market on this financing,” stated Didio. “We thank the Hekemian Co. principals for entrusting JLL to deliver the permanent financing for this exceptional, state-of-the-art project.”