Crossroads 389 at 389 Main St. in Hackensack — Courtesy: The Hampshire Cos.
By Joshua Burd
Cannon Hill Capital Partners and The Hampshire Cos. have closed on a $20.1 million refinance for a luxury apartment building in Hackensack, brokers with Cushman & Wakefield announced.
According to a news release, the developers secured the five-year, floating-rate loan with Forbright Bank in connection with the 82-unit property at 389 Main St. The deal comes five years after the completion of what’s known as Crossroads 389, part of a surge in new multifamily development in the city’s downtown.
Cushman’s John Alascio, Chuck Kohaut and Chris Meloni sourced the loan on the sponsors’ behalf.
“Crossroads 389 is well-positioned for success in the thriving Hackensack multifamily market, which has become a vibrant live-work-play destination in northern New Jersey,” Kohaut said. “The strength of the sponsorship attracted a highly competitive financing process, and we’re thrilled with the outcome for the partnership. We look forward to continued success for Cannon Hill and Hampshire, and appreciate the seamless execution provided by Forbright Bank under a tight closing timeline.”
The team noted that Crossroads 389 includes studio, one-bedroom and two-bedroom floorplans complete with high-end design and private balconies in select units. The boutique building also has high-end amenities such as a 24-hour fitness center, a yoga room with video classes, coworking spaces, a resident lounge and an outdoor terrace.
Residents, meantime, are within walking distance of NJ Transit’s Anderson Street station, which provides commuter rail service to Hoboken and New York City in under 45 minutes.
