JLL Capital Markets today announced that it has arranged $31.5 million in financing for the acquisition and renovation of Hackensack Gardens, a 198-unit garden-style community located in Hackensack, Bergen County, TN. New Jersey.
JLL represented the borrower, Tower Management Service, LP, in securing a five-year fixed rate loan through ConnectOne Bank.
Built in 1948, the 16-building Hackensack Gardens features one- and two-bedroom floor plans, plus an on-site rental office and laundry facilities. Renovations will include new kitchens with stainless steel appliances and quartz countertops, in addition to upgraded bathrooms and flooring.
Located at 100-A Arcadia Road. the property is located in the South River Street/East Moonachie Road area, just off the thriving town center of Essex Street. The town of Hackensack is about 20 km northwest of Midtown Manhattan and about 11 km from the George Washington Bridge. Nearby employment centers include Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport, Bergen County Courthouse, and Bergen Community College.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Thomas R. Didio, Thomas E. 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 deadline,” said Didio, Jr.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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