Ivy and Green at 1 Park Ave. in Hackensack — Courtesy: JLL
By Joshua Burd
A joint venture has snagged $115 million in financing for a new two-phase, 389-unit multifamily development in downtown Hackensack, in a newly announced deal by JLL.
According to the debt placement team, Northwestern Mutual Life Insurance Co. provided the eight-year, fixed-rate loan to Hornrock Properties and GTIS Partners in connection with Ivy and Green at 1 Park Ave. The developers will use the proceeds to refinance the project, which they delivered in phases in 2023 and 2024.
JLL senior managing directors Michael Klein and Thomas Didio, Managing Director Thomas E. Didio Jr. and Senior Analyst John Cumming sourced the loan on their behalf.
“Due to the scarcity of available land and strict zoning restrictions, the Bergen County multifamily market, where Ivy and Green is located, is one of the tightest supply constrained markets in the region,” Klein said. “We had a generous amount of lender interest due to the property’s premier sponsorship, quality construction, abundance of amenities and proximity to Manhattan and other local and regional northern New Jersey employment centers.”
Designed by Minno & Wasko Architects and Planners, Ivy and Green has a mix of studio, one-bedroom and two-bedroom layouts with high-end finishes and appliances. Amenities include an outdoor pool and sundeck, a fitness center and yoga studio, coworking spaces, a resident lounge, a theater and a music studio, among others, while renters have access to an on-site parking garage with 430 resident spaces and 200 public spaces.
The project’s two phases comprise 221 and 168 units, JLL noted. It’s part of a development boom that has seen thousands of new apartments open or secure approvals in Hackensack, where officials have sought to revive its downtown and capitalize on the city’s mass transit connectivity, proximity to Manhattan and its major employers.
“Liquidity in the pre-stabilized multi-housing market continues to be incredibly robust. Ivy and Green’s strong lease-up commanded aggressive fixed-rate interest from the life companies and agencies,” Didio Jr. said. “NML was able to underwrite through the remaining lease-up and structure an 8-yr loan to coincide with the property’s Opportunity Zone designation. Thank you to the Hornrock, GTIS, and NML teams for a successful transaction.”
Hornrock: Leasing underway at second phase of Ivy and Green in Hackensack
