Hampshire Cos. Lands $62M for New Jersey Development
The project is part of the Hackensack Redevelopment Plan.
The Hampshire Cos. has received a $62 million construction loan for 321 Main Street, a 270-unit multifamily community in Hackensack, N.J. Northmarq secured the financing from Valley Bank and Fulton Bank on behalf of the borrower.
MVMK Architecture is the project’s main architect, while Sharp serves as general contractor and KEA Engineers handles the mechanical, electrical and plumbing systems.
Designed to replace an existing building and several parking lots, the 321 Main Street project is part of the Hackensack Redevelopment Plan, adopted by the city back in 2012.
The Rehabilitation Plan aims to transform the city’s downtown into a mixed-use and pedestrian-friendly environment by promoting connectivity to existing public infrastructure and creating residential housing to encourage walkability. With approximately 500 units under construction and 220 units completed, Hackensack has received major developer interest for the area.
An upcoming Hackensack community
Upon completion, 321 Main Street will feature 8,700 square feet of retail space and two floors of garage parking. The seven-story building will incorporate studio, one- and two-bedroom apartments; community amenities will include a fitness center, private terraces, a courtyard, a rooftop, bike storage and a dog park.
Located in Northern New Jersey, in an Opportunity Zone, the development site is close to several retail centers, dining options and green areas. Hackensack University Medical Center, Fairleigh Dickinson University and The Shops at Riverside are within a 2-mile radius from the community. The nearby bus terminal provides direct access to New York City and throughout the county.