JLL Capital Markets announced today it has arranged a $60 million refinancing for Excelsior II, an 18-story multi-housing tower located in Hackensack, New Jersey.
Located at 170 Prospect Ave., Excelsior II is one of the most well-known properties in Hackensack. The property is within walking distance of one of New Jersey’s best hospitals, Hackensack University Medical Center.
JLL worked on behalf of the borrower, Tidewater Real Estate Company, to secure the 30-year self-liquidating loan through its correspondent relationship with John Hancock.
Excelsior II features 267 units available in one- and two-bedroom options, many featuring sweeping views of Northern New Jersey. The community offers an indoor pool, sauna, fitness center covered parking and access to a top-rated restaurant on the bottom floor. Since its construction in 1999, the community has been maintained to the highest standards.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Gregory Nalbandian and Vice President Michael Lachs.
“We were pleased to place this long-term, 30-year fixed rate loan through our correspondent relationship with John Hancock,” said Nalbandian. “This asset is the most desirable apartment project along Prospect Ave. 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.”
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