New York & Tri-State + Tri-State + Finance | September 19, 2018

Waypoint Lands $52M Financing for Ground-Up Hackensack Rentals

Cushman & Wakefield’s Equity, Debt, & Structured Finance (EDSF) group has arranged approximately $52 million in construction financing for a ground-up multifamily development set to launch in Hackensack, NJ. Waypoint Residential will redevelop the property at 435 Main St. with 235 Class A rental units.

EDSF team members John Alascio and Sridhar Vankayala headed the assignment on behalf of Waypoint. Additionally, Brian Whitmer of Cushman & Wakefield’s New Jersey capital markets practice provided market support for the transaction, which was collectively sourced and executed through Citizens Bank.

“435 Main Street represents a compelling financing opportunity for lenders, given its transit-oriented location, strong sponsorship and the opportunity to develop in a vibrant re-emerging neighborhood,” Alascio noted.

Despite the “tightening availability” of construction financing, Vankayala said, “Hackensack’s compelling growth story proved attractive to lenders, who are still keen to lend on multifamily construction projects – particularly for strong, proven sponsors, like Waypoint.”

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About Paul Bubny

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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