By Joshua Burd
The owner of a well-known, 18-story apartment tower in Hackensack has refinanced the property for $60 million, according to a debt placement team with JLL.
Brokers with the firm represented the borrower, Tidewater Real Estate Co., in sourcing the loan for its 267-unit Excelsior II property at 170 Prospect Ave. John Hancock is providing the 30-year, self-liquidating loan.
“We were pleased to place this long-term, 30-year fixed-rate loan through our correspondent relationship with John Hancock,” JLL’s Greg Nalbandian said. “This asset is the most desirable apartment project along Prospect Avenue and the greater area, and there was no shortage of interest to finance this trophy property. Our client took advantage of historically low interest rates and locked an extremely attractive rate for the next 30 years.”
Nalbandian completed the deal alongside JLL Vice President Michael Lachs. In a news release, they noted that Excelsior II is a collection of one- and two-bedroom units with amenities such as an indoor pool, a sauna and a fitness center.
The building also has a restaurant on the ground floor and is within walking distance of Hackensack University Medical Center, JLL said.