Northern New Jersey Community Lands $78M Refi
JLL Capital Markets secured financing for the 254-unit property.
An affiliate of Hekemian & Co. Inc. has secured $78 million in refinancing for The Current on River, a 254-unit community in Hackensack, N.J. JLL Capital Markets arranged the 10-year fixed-rate loan, provided by New York Life Real Estate Investors. The property previously benefited from a $70.5 million loan issued last year by ConnectOne Bank, Yardi Matrix data shows.
Spanning 2.3 acres, the 2020-built property comprises a six-story building with one- and two-bedroom floorplans, averaging 846 square feet. Units feature granite and quartz countertops, stainless steel appliances, walk-in closets, in-unit laundry facilities, as well as private patios or balconies. Community amenities include a swimming pool, fitness center, barbecue area, clubroom, coffee bar, coworking lounge, conference room, pet spa and bike storage.
Located at 18 E. Camden St., The Current on River is less than half a mile from numerous retail and dining options along Main Street as well as a nearby CTown Supermarket. The community is next to Route 4 and Interstate 80 and within half a mile of the Hackensack Bus Terminal. Major employment hubs, including Hackensack University Medical Center and Fairleigh Dickinson University, are 2 miles away from the property.
Senior Managing Director Thomas Didio, Senior Director Thomas Didio, Jr. and Associate Gerard Quinn of JLL represented the borrower. At the beginning of the year, the same team worked on behalf of Russo Development to secure $80 million in financing for Vermella at Garwood Station, a 296-unit community in Garwood, N.J.