Rendering of 435 Main Street, Hackensack, NJ
HACKENSACK, NJ—Cushman & Wakefield's Equity, Debt, & Structured Finance group has arranged approximately $52 million in construction financing for a ground-up multifamily development set to launch in Hackensack, NJ. Waypoint Residential, which acquires and develops conventional multifamily, student housing and senior housing properties throughout the United States, will redevelop the property at 435 Main Street with 235 class A rental units.
Cushman & Wakefield EDSF team members John Alascio and Sridhar Vankayala headed the assignment on behalf of Waypoint. Additionally, Brian Whitmer of the commercial real estate services firm'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 experiencing increased renter demand as cost-conscious renters migrate farther from New York City,” Alascio says. “Citizens Bank understood the opportunity and provided attractive terms that matched Waypoint Residential's business plan.” The project also benefits from a 30-year tax abatement.
The transit-oriented, market-rate multifamily project in downtown Hackensack is just two blocks from the Anderson Street New Jersey Transit rail station. It will feature four stories of luxury apartments over two stories of parking and a full complement of amenities. The site—formerly home to a moving company—is near a new grocery store and is within easy commuting distance Manhattan, and close to a walkable downtown area with parks, restaurants, bars, and shopping.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
