Prospect Place at 300-310 Prospect Ave. in Hackensack — File photo
By Joshua Burd
The owner of a two-building, 360-unit luxury apartment complex in Hackensack has refinanced the property for $96 million, according to a debt placement team with CBRE.
The borrower, Khosla Capital, secured the loan some five years after acquiring what’s known as Prospect Place at 300-310 Prospect Ave. CBRE’s Judah Hammer, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein arranged the debt with Freddie Mac, touting the appeal of the updated property and its proximity to major employers.
“The Khosla team acquired the asset in 2021 and invested significant capital to refresh the community,” Gaccione said. “The reimagined resident experience is central to their business and why this project has been so successful.”
Prospect Place consists of an 18-story tower with 157 units and a five-story midrise with 203 apartments, according to a news release. Along with its modern apartments, some of which have been renovated, residents have access to amenities such as an outdoor pool, a fitness center with cardio theater, a clubhouse, a resident lounge, a business center, a sundeck, a courtyard and a billiards room.
The complex is also adjacent to Hackensack University Medical Center and minutes from Fairleigh Dickinson University and top shopping centers, including The Shops at Riverside and Bergen Town Center.
Kushner Cos. sells 360-unit Hackensack rental property for $114 million, JLL says
