Northwestern Mutual Provides $115M Refi for Luxury Multifamily in Hackensack
The loan refinances Ivy and Green, a 389 unit luxury, multifamily that opened in 2023 and 2024
By Brian Pascus December 10, 2024 3:57 pm
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A joint venture between Hornrock Properties and GTIS Partners has secured a $115 million loan to refinance Ivy and Green, a 389-unit luxury, multifamily community in Hackensack, N.J., that opened two years ago.
Northwestern Mutual Life Insurance Company provided the eight-year, fixed-rate loan, while JLL Capital Markets’ Michael Klein, Thomas Didio, Thomas E. Didio Jr. and John Cumming arranged the transaction.
Built over two phases in 2023 and 2024, Ivy and Green sits 14 miles west of Manhattan.
Didio Jr. noted in a statement that the property’s strong leasing helped create competition for the fixed-rate financing, and that Northwestern Mutual Life Insurance underwrote the deal through the final phase of lease-up to take advantage of the neighborhood’s Opportunity Zone designation, which provides federal tax incentives to invest in distressed areas of the U.S.
JLL’s Klein stated that Bergen County suffers from ”a scarcity of available land and strict zoning restrictions,” making Hackensack among the tightest supply markets in the area. Those supply dynamics played into the financing options on the deal, he added.
“We had a generous amount of lender interest due to the property’s premier sponsorship, quality construction, abundance of amenities, and proximity to Manhattan and other local and regional Northern New Jersey employment centers,” said Klein in a statement.
Located at 1 Park Avenue in Hackensack — the most populous town in Bergen County, with roughly 46,000 residents — Ivy and Green sits along the Hackensack River and across from Foschini Park. The luxury towers hold 221 units and 168 units, respectively.
Amenities in the building include concierge service, an outdoor pool, a sundeck, a fitness center, a yoga studio, coworking spaces, a resident lounge, a movie theater and music studio, a pet spa, and electric vehicle charging stations. An on-site parking garage holds 430 spaces for residents and 200 spaces available to the public.
Hornrock Properties and GTIS Partners did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
