Hackensack Gardens at 100-A Arcadia Road in Hackensack — Courtesy: JLL
By Joshua Burd
The new owner of a 198-unit garden apartment complex in Hackensack has landed nearly $32 million in financing for the acquisition and for its plans to renovate the property.
According to JLL, which brokered the transaction, ConnectOne Bank is providing the five-year, fixed-rate loan to the borrower in connection with Hackensack Gardens at 100-A Arcadia Road. The owner is now slated to update the 16-building community with new kitchens with stainless steel appliances and quartz countertops, along with upgraded bathrooms and flooring.
JLL’s Thomas R. Didio, Thomas E. Didio Jr., Gerard Quinn and Michael Meisner sourced the $31.5 million loan on the borrower’s behalf.
“ConnectOne understands (the borrower’s) expertise in operating and renovating garden-style apartment communities and recognized the attractive fundamentals of the deal,” Didio Jr. said. “The bank did a great job closing the loan to meet an aggressive closing timeframe.”
Built in 1948, Hackensack Gardens has one- and two-bedroom floorplans, as well as an on-site leasing office and laundry facilities, JLL said. The brokerage team also cited is location 12 miles northwest of Midtown Manhattan and about seven miles from the George Washington Bridge, along with nearby employment centers such as Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport and the Bergen County Courthouse.
