The Current on River at 18 East Camden St. in Hackensack — Courtesy: JLL
By Joshua Burd
An affiliate of Hekemian & Co. has landed a $78 million loan to refinance a new 254-unit luxury apartment building in Hackensack, in a transaction arranged by JLL.
In a news release, the debt placement team said New York Life Real Estate Investors provided the 10-year, fixed-rate loan to Brickyard Urban Renewal LLC. The refinancing comes nearly two years after the delivery of what’s known as The Current on River, which sits at 18 East Camden St. and just off the city’s busy River Street corridor.
JLL Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio Jr. and Associate Gerard Quinn spearheaded the assignment.
“The Current on River is a transformative project featuring best-in-class amenities and unit finishes,” Didio said. “The life company market remains aggressive for core, best-in-class, new development multi-housing product. Thank you to Brickyard Urban Renewal LLC and the Hekemian & Co. team for entrusting JLL to drive the market on this financing.
“We thank the Hekemian & Co. principals for entrusting JLL to deliver the permanent financing for this exceptional, state-of-the-art project.”
The JLL capital markets team, which is based in Morristown, noted that Current on River has a mix of one- and two-bedroom units built with high-end materials, appliances and finishes. Amenities at the property include a fitness center, a pool with a sundeck, a grilling and picnic area and other common spaces for residents.
It also provides renters with quick access to Route 4 and Interstate 80, along with rail and bus service in the city. Nearby employment centers include Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport the Bergen County Courthouse and the adjacent Bergen Community College.
