Hackensack multifamily secures $78M in refinancing, JLL says

Jessica Perry//May 3, 2022

Hackensack multifamily secures $78M in refinancing, JLL says

Jessica Perry//May 3, 2022

JLL Capital Markets announced it closed the $78 million refinancing of The Current on River, located at 18 E. Camden St.: A 254-unit, newly constructed multi-housing community in Hackensack.
The Current on River is located at 18 E. Camden St. in Hackensack. – JLL

Built in 2020, The Current on River offers one- and two-bedroom layouts in Hackensack with both individual and community amenities and multiple travel options, like the city’s two train stations.

JLL Capital Markets announced closing a $78 million refinancing deal for the 254-unit multi-housing community located at 18 E. Camden St. on May 2representing Brickyard Urban Renewal LLC, the borrower and an affiliate of Hekemian & Co. Inc.

A team led by Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio Jr. and Associate Gerard Quinn secured the 10-year, fixed-rate loan through New York Life Real Estate Investors.

“The life company market remains aggressive for core, best-in-class, new development multi-housing product,” Didio said in a statement. “Thank you to Brickyard Urban Renewal, LLC and the Hekemian & Co. team for entrusting JLL to drive the market on this financing. We thank the Hekemian Co. principals for entrusting JLL to deliver the permanent financing for this exceptional, state-of-the-art project.”

The Current on the River’s average residence size is 846 square feet; apartments include granite and quartz countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers and a private patio or balcony. The community also offers a fitness center, pool with sundeck, grilling and picnic area, courtyard, coffee bar, clubroom, work area, pet spa, garage parking and bike storage.

Residents have access to Route 4 and Interstate 80 from the 18 E. Camden St. location. The Hackensack Bus Terminal is directly outside the property to the east, according to JLL, while The Current on the River also offers a short distance to prime retail corridors along Routes 46 and 17.

In January, the same JLL Capital Markets team secured $80 million in refinancing for Russo Development’s Vermella at Garwood Station.