Soldier Hill Commons at 1-5 Soldier Hill Road in Paramus — Courtesy: HKS
By Joshua Burd
The developer of a new 140-unit apartment complex in Paramus has closed on nearly $47 million in financing, in a deal arranged by HKS Real Estate Advisors.
According to the debt placement team, Citigroup provided the commercial mortgage-backed securities loan in connection with the project at 1-5 Soldier Hill Road. HKS Principal and Founding Partner John Harrington sourced the $46.5 million transaction on behalf of an undisclosed borrower, which it described as a well-established, family-owned builder with more than 30 years of experience in the industry.
In a news release, HKS noted that the development spans roughly 240,000 square feet across three buildings on a 35-acre site. Apartments have upscale materials, finishes and appliances, while renters have access to amenities such as a pool, game rooms and conference rooms.
Published reports identify the builder as Shamrock Creek, which secured planning board approval for the project in 2020 after decades of litigation between the borough and prior developers. The legal battles largely stemmed from contamination concerns and the site’s proximity to a protected waterway that runs into the Oradell Reservoir.
Ten percent of what’s known as Soldier Hill Commons is reserved for lower-income renters.
