A rendering of Walcott Hackensack at 435 Main St. in Hackensack — Courtesy: Cushman & Wakefield
By Joshua Burd
A developer is set to build 235 new luxury apartments in Hackensack after closing on two properties in the city’s downtown.
Alexander Anderson Real Estate Group, which negotiated the property sale, announced that Waypoint Residential has acquired 437-439 Main St. and 445-451 Main St. for a combined $7.45 million. Holman Realty Associates sold the properties, which most recently served as office and warehouse space for Holman Moving Systems.
Waypoint, a Boca Raton, Florida-based developer, plans to redevelop the properties into four stories of apartments over podium parking, brokers said. The project will be Waypoint’s first midrise multifamily development in New Jersey.
“The property is located within Hackensack’s special improvement district located in the city’s downtown redevelopment zone, which is already undergoing meaningful growth,” said Eric Anderson, CEO of Alexander Anderson, who represented both parties in the deal. “Waypoint Residential saw the rapid growth in Hackensack and the potential it offers for residents who want to live in an accessible, walkable downtown.”
In a separate announcement Monday, Cushman & Wakefield said it secured $52 million in construction financing for the project. John Alascio and Sridhar Vankayala of the firm’s equity, debt and structured finance team represented Waypoint, sourcing the loan through Citizens Bank, while Brian Whitmer of C&W’s New Jersey capital markets practice provided market support for the transaction.
Alascio said 435 Main St. “represents a compelling financing opportunity for lenders given its transit-oriented location, strong sponsorship and the opportunity to develop in a vibrant re-emerging neighborhood experiencing increased renter demand as cost-conscious renters migrate farther from New York City.
“Citizens Bank understood the opportunity and provided attractive terms that matched Waypoint Residential’s business plan,” he said.
The brokerage team added that the project also has a 30-year tax abatement.
“Despite a tightening availability of construction financing, Cushman & Wakefield EDSF was successful in generating strong interest,” Vankayala said. “Hackensack’s compelling growth story proved attractive to lenders, who are still keen to lend on multifamily construction projects — particularly for strong, proven sponsors, like Waypoint.”
The market-rate project, which is two blocks from NJ Transit’s Anderson Street rail station, will be known as Walcott Hackensack.
“We choose the City of Hackensack based on its strategic location in Bergen County, its strong daytime population, its development-oriented revitalization plan, and its growing affluent population,” said Jim Driscoll, a senior vice president of development with Waypoint Residential. He later added: “This multifamily community represents an opportunity to develop a well-located site in a vibrant, re-emerging neighborhood experiencing increased renter demand as cost-conscious renters migrate further from New York City.”
