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100 State St, Hackensack, N...

Updated Oct 29, 2024

MetLife Real Estate Investors Grants $50M Loan For MultiFamily In Hackensack
FINANCEDMultiFamily

MetLife Real Estate Investors Grants $50M Loan For MultiFamily In Hackensack

100 State St, Hackensack, NJ, 07601

$50,000,000

Units

222

Asset Type

MultiFamily

Closing

May 24, 2017

About this deal

AI

The Meridia Metro is a six-story, 222-unit multifamily property located at 100 State St, Hackensack, NJ, 07601. metlife-real-estate-investors-duplicate''>MetLife Real Estate Investors provided nearly $50M in financing for this transit-oriented development near various transportation hubs and major roadways. The property features one- and two-bedroom units, a 24-hour fitness center, a rooftop terrace, a social room, a pet grooming room, and grade-level parking.

Summary of transaction details:

HFF senior managing director Jon Mikula and managing director Michael Klein, along with HFF managing director Scott Aiese and senior managing director Mike Tepedino, played crucial roles in securing financing for Meridia Metro and Tonnelle Commons, respectively. The latter property, a 410K SF retail power center in North Bergen, recently received a $100M refinancing with a 10-year, non-recourse, fixed-rate loan. Tonnelle Commons boasts a full lease to 16 tenants, including anchor stores like Walmart, BJ's Wholesale Club, PetSmart, and Staples.

On the Map

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$50,000,000

MultiFamily

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Players

Michael Klein

JLL

Broker

$2.6B

vol

80 deals

Broker
MetLife
MetLifeLender

Hackensack MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.32%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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