Luxury 270-Unit NJ Community Opens

A luxury community in Hackensack, N.J., has opened its doors. The Ora, a seven-story building at the intersection of downtown’s Main and Berry Streets, is the product of The Hampshire Cos., Russo Development and Riverbank Management LLC.

The 270-unit property, located at 321 Main St., was designed by MVMK Architecture and is managed by Russo Property Management. It features nearly 9,000 square feet of ground-level retail space.

“Hackensack has been an integral part of our family’s story for over a century,” said James E. Hanson II, president and CEO of The Hampshire Cos. “As the City continues its remarkable transformation into one of New Jersey’s most dynamic communities, we are proud to mark the completion of our latest project—Ora. We believe Ora will be the perfect place for residents to begin writing their own Hackensack stories, and we are excited to play a role in shaping this new chapter.”

In-unit amenities include large windows, 10-foot ceilings, washers/dryers, plank flooring and private terraces in select homes. Kitchens in the Ora feature stainless steel appliances and quartz countertops while bathrooms have porcelain tiles and full-height ceramic tiled walls.

Community amenities include concierge services, onsite garage parking with electric vehicle charging stations and package lockers.

The Hampshire Cos. landed a $62 million loan for the construction of the community in March of last year. Ora was designed to replace several parking lots and an existing building as part of the 2012 Hackensack Redevelopment Plan.

Residents are located nearby several green spaces and retail and dining options. Within 2-miles from the community is the Hackensack University Medical Center, Farleigh Dickinson University and The Shops at Riverside. New York City is accessible via a proximate bus terminal.

“Notwithstanding the large influx of multi-housing supply we have witnessed in Hackensack over the past five years, market fundamentals remain strong, and there is no shortage of capital, on both the debt and the equity side,” Gerard Quinn, director at JLL’s New Jersey office, told Multi-Housing News.

Earlier this month, the 389-unit luxury property in Hackensack, N.J., was refinanced for $115 million in a joint venture between GTIS Partners and Hornrock Properties. JLL Capital Markets secured the eight-year, fixed-rate loan for the property.

“Both institutional and private capital are actively providing liquidity on development and existing multi-housing projects in downtown Hackensack,” Quinn said. “As a Bergen County native, it is great to see the continued interest in Hackensack and the surrounding area.”

Nearby fundamentals also strong

Similar to strong Hackensack fundamentals, nearby East Orange, N.J., is similarly rich with opportunities, Josh Weingarten, executive vice president, Triangle Equities, told MHN.

The company is currently developing The Crossings at Brick Church, a mixed-use, transit-oriented development built around the New Jersey Transit’s historic Brick Church Train Station. Phase one of the project will include 400 residential units and is expected to be delivered in the first quarter of next year.

The project will continue to grow in a phased approach, adding hundreds of additional apartments and retailers. It is anticipated to reach approximately 1,000 apartments and more than 100,000 square feet of retail space, with 20 percent of residential units set aside for East Orange residents with lower and moderate incomes.

“We saw a great opportunity for a mixed-use commercial and residential development that offers the community much-needed housing and retail options, serving as a catalyst for economic development throughout the city in an area that has been historically underserved,” Weingarten said.