GTIS Partners JV Lands $115M Refi
JLL worked on behalf of the sponsor to secure the loan.
A joint venture between Hornrock Properties and GTIS Partners has obtained $115 million in refinancing for Ivy and Green, a 389-unit luxury multifamily property in Hackensack, N.J.
JLL Capital Markets secured the eight-year, fixed-rate loan through Northwestern Mutual Life Insurance Co.
Previous financing included a $72.5 million construction loan originated by Banc of California in October 2020, according to Yardi Matrix information.
Despite the existing two series of cuts by the Federal Reserve so far, the effect of increased interest rates on multifamily finance is still visible, as recapitalization became more expensive since 2022, according to industry experts. However, changes will be less visible for borrowers with long-term fixed-rate loans, as the interest rates remain unchanged.
Newly developed community
Ivy and Green came online in two phases in 2023 and 2024 and consists of two five- and six-story buildings. The unit mix comprises studio, one- and two-bedroom floorplans ranging from 502 to 1,123 square feet.
Located at 1 Park Ave. in downtown Hackensack, the community is 14 miles northwest of Manhattan. Newark Liberty International Airport is 21 miles away.
Common-area amenities include a swimming pool, fitness center, resident lounge, as well as a children’s playroom. Additionally, the property has coworking spaces, a theater and music studio, bike storage and EV charging stations, along with 630 parking spaces.
JLL’s Capital Markets Debt Advisory team included Senior Managing Directors Michael Klein and Thomas Didio, Managing Director Thomas Didio Jr. and Senior Analyst John Cumming.
