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Hackensack Apartment Acquisition Secures $32M Financing
JLL Capital Markets arranged $31.5 million in financing for the acquisition and renovation of Hackensack Gardens, a 198-unit, garden-style apartment property in Hackensack, NJ.
The team of Thomas R. Didio, Thomas E. Didio Jr., Gerard Quinn and Michael Meisner represented the borrower, Tower Management Service, L.P., to secure a five-year, fixed-rate loan through ConnectOne Bank.
Built in 1948 and located at 100-A Arcadia Rd. within the South River Street/East Moonachie Road neighborhood, the 16-builidng Hackensack Gardens features one- and two-bedroom floorplans, as well as an on-site leasing office and laundry facilities. Renovations will include new kitchens with stainless steel appliances and quartz countertops, in addition to upgraded bathrooms and flooring.
“ConnectOne understands Tower Management’s expertise in operating and renovating garden-style apartment communities and recognized the attractive fundamentals of the deal,” said Didio, Jr. “The bank did a great job closing the loan to meet an aggressive closing timeframe.”
- ◦Sale/Acquisition

