A project by 307 Main MF-Q Urban Renewal LLC calls for 270 apartments over two levels of structured parking and some 8,700 square feet of street-level retail at 321 Main St. in Hackensack. — Rendering courtesy: Northmarq
By Joshua Burd
An affiliate of The Hampshire Cos. has landed a $62 million construction loan for a 270-unit apartment building in downtown Hackensack, in a newly announced deal by Northmarq.
Several years in the making, the project at 321 Main St. calls for a seven-story building with
20 studio, 189 one-bedroom and 61 two-bedroom rental homes, according to the advisory team. It’s also slated to include amenities such as a dog walking area, a third-floor elevated courtyard, several terraces, a club room and a fitness center, among others, while the lower floors will include two levels of structured parking and some 8,700 square feet of street-level retail.
Northmarq’s New Jersey regional office sourced the financing on behalf of 307 Main MF-Q Urban Renewal LLC, an entity controlled by The Hampshire Cos.
“The development of 321 Main Street will help meet Hackensack’s need for differing residential housing options along with the goal of encouraging smart growth principles through an abundance of transportation options, walkability and neighborhood revitalization,” said Gary Cohen, a Northmarq senior vice president and managing director. “I would like to thank The Hampshire Companies and the teams at Valley Bank and Fulton Bank in the successful execution of this transaction.”
In a news release, Northmarq said the project was conceived under Hackensack’s highly touted redevelopment plan, which was adopted in 2012. Since then, the city has taken major steps to implement and adopt new zoning to guide redevelopment of the downtown into a mixed-use, pedestrian-friendly environment.
The 304,549-square-foot Hampshire project will be close to two NJ Transit stations as well as the regional bus service that provides access throughout Bergen County and to New York City.