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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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