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.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout