Cannon Hill Capital And Hampshire Companies Secure $20.1M Loan For 82-Unit Multifamily In Hackensack

The asset involved in the transaction is located at 389 Main Street in Hackensack, featuring 82 units within a multifamily property. This luxury property, known as Crossroads 389, was built in 2020 and offers upscale amenities designed for commuters seeking affordability near New York City. The loan amount secured for this property is $20,100,000, with floating-rate terms provided by Forbright Bank.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,100,000
• Address: 389 Main Street
• Market: Hackensack
• Asset Units: 82
• Lender: Forbright Bank
• Landlord: Jeff Gronning - Cannon Hill Capital Partners; James Hanson II - Hampshire Companies
• Brokers: John Alascio, Chuck Kohaut & Chris Meloni - Cushman & Wakefield

Cushman & Wakefield facilitated the arrangement of the $20.1 million floating-rate loan specifically for Cannon Hill Capital and Hampshire Companies. This financing supports their investment in the multifamily asset, which is positioned to serve those commuting to New York City.