Khosla Capital Secures $96M in Financing for North Jersey Asset
CBRE arranged the loan for the property.
Khosla Capital, a New York regional owner and operator of multifamily properties, has obtained $96 million in financing for Prospect Place, a two-building, 360-unit residential community located in Hackensack, N.J., in the northern reaches of the state. Freddie Mac provided the loan.
A CBRE Capital Markets team of Judah Hammer, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein arranged the financing on behalf of Khosla Capital.
Prospect Place, located at 300-310 Prospect Ave., includes an 18-story tower with 157 units and a five-story midrise building with 203 apartments. Both buildings have mix of one- and two-bedroom units with hardwood-style floors, walk-in closets, in-unit washer/dryers and private patios or balconies.
The current owner has conducted a number of renovations since it acquired the property in 2021. Renovated units include vaulted ceilings and fireplaces, with kitchens featuring granite countertops and stainless-steel appliances.
READ ALSO: Real Estate Fundraising Recovers, but It’s Not Because of Multifamily
Common-area amenities include an outdoor pool, a fitness center with cardio theater, a clubhouse and a resident lounge. The property also offers concierge services and garage parking, as well as a business center, a sundeck, an outdoor courtyard and billiards room.
The property is 96.1 percent occupied, according to Yardi Matrix data. Rents average $1,735 per month, up from $1,611 in 2022.
Khosla Capital acquired the property for $114.5 million from Kushner Cos., who had bought it four years earlier from Greystar for $102.5 million, according to Yardi Matrix information. Following its purchase of the property, Khosla Capital obtained nearly $86 million in financing from Flagstar Bank.
The company has been investing in other multifamily assets in New York and New Jersey in recent years, including assets in Englewood, N.J. and New Rochelle, N.Y., and in a joint venture with Pacific Urban Investors an asset in Westchester County, N.Y.
New Jersey multifamily softens
New Jersey was experiencing a relatively soft multifamily market by the end of last year. Rent growth in December 2025 came in at 0.6 percent year-over-year, according to Yardi Matrix data. Development for the year came in at 2.7 percent of existing stock, comparatively low compared to other national markets.
Northern New Jersey, while also a bit soft, nevertheless saw multifamily rents at 2 percent growth over the year in the third quarter of 2025, according to a Matthews report on Northern New Jersey’s multifamily market. New supply coming online, started in the wake of the pandemic-era spike in demand, has prompted landlords to moderate rent increases.
Multifamily vacancy inched up to 5.6 percent by the end of the third quarter, as recent deliveries (5,361 units in the first three quarters of the year) continue to outpace absorption, Matthews notes. The Class A segment is showing the most elevated vacancy rate, at 10.7 percent.
