Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + New Jersey  + Apartments  | 

Hackensack Luxury Rentals Refinanced for $96M

CBRE secured $96 million in financing for Prospect Place, a 360-unit, two-building luxury residential complex located at 300-310 Prospect Ave. in Hackensack, NJ. The refinancing was provided through a Freddie Mac loan.

The CBRE Capital Markets team of Judah Hammer, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein arranged the financing on behalf of the sponsor, Khosla Capital, an owner/operator of multifamily real estate in the Tri-State area.

“The Khosla Team acquired the asset in 2021 and invested significant capital to refresh the community,” said Gaccione. “The reimagined resident experience is central to their business and why this project has been so successful.”

Prospect Place consists of an 18-story tower with 157 units and a five-story midrise with 203 apartments. The property is located adjacent to Hackensack University Medical Center and convenient to Fairleigh Dickinson University and top shopping centers, including The Shops at Riverside and Bergen Town Center.

Read More News Stories About: CBRE
Connect

Inside The Story

CBRE's Gaccione

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Financing
New call-to-action