Northwestern Mutual Life Insurance Company Provides $115 Million Loan For Hackensack Multifamily Refinance

The property involved in this transaction is a multifamily asset consisting of 389 units located at 1 Park Avenue in Hackensack. The property is known for its luxury apartment features, extensive amenities, and transit-oriented location providing strong connectivity to Manhattan and Northern New Jersey job hubs.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $115,000,000
• Loan Amount: $115,000,000
• Loan Type: Refinance
• Loan Terms: Eight-year, fixed rate
• Lender: Northwestern MutualLife Insurance Company
• Landlord: David Hornblass, Maurice Hornblass & Elliott Hornblass - Hornrock Properties; Thomas Shapiro - GTIS Partners
• Brokers: John Cumming, Michael Klein, Thomas Didio & Thomas E. Didio Jr. - JLL

This transaction was facilitated by JLL Capital Markets, which secured the $115 million loan specifically for refinancing the property. The involvement of Hornrock Properties and GTIS Partners indicates a cooperative development effort attributed to recognized entities in the real estate sector.