JLL Capital Markets arranged the financing for the acquisition and renovation of the 198-unit Hackensack Gardens
News release
16 August 2022
$31.5M financing secured for New Jersey multi-housing community
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MORRISTOWN, N.J., August 16, 2022 – JLL Capital Markets announced today that it has arranged $31.5 million in financing for the acquisition and renovation of Hackensack Gardens, a 198-unit, garden-style, multi-housing community located in Hackensack, Bergen County, New Jersey.
JLL represented the borrower, Tower Management Service, L.P., to secure a five-year, fixed-rate loan through ConnectOne Bank.
Built in 1948, the 16-builidng Hackensack Gardens features one- and two-bedroom floorplans, as well as an on-site leasing office and laundry facilities. Renovations will include new kitchens with stainless steel appliances and quartz countertops, in addition to upgraded bathrooms and flooring.
Located at 100-A Arcadia Rd. the property is situated within the South River Street/East Moonachie Road neighborhood, just off the thriving Essex Street city center. The city of Hackensack is approximately 12 miles northwest of Midtown Manhattan and about seven miles from the George Washington Bridge. Nearby employment centers include Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport the Bergen County Courthouse and Bergen Community College.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Thomas R. Didio, Thomas E. Didio Jr., Gerard Quinn and Michael Meisner.
“ConnectOne understands Tower Management’s expertise in operating and renovating garden-style apartment communities and recognized the attractive fundamentals of the deal. The Bank did a great job closing the loan to meet an aggressive closing timeframe,” stated Didio, Jr.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tower Management Service, L.P.
Tower Management Service, L.P. is a real estate operating company that owns approximately 2200 multifamily apartment units in approximately 20 garden style apartment communities located in New York State and New Jersey. The company's corporate office is located in River Edge, New Jersey, in a 7,500 square foot office building owned and primarily occupied by Tower. Tower employs approximately 60 people, 10 of which are located in River Edge. The remaining employees are located at the various sites, performing property management and maintenance functions. Tower is a Delaware Limited Partnership consisting of approximately 150 limited partners. Tower Management Service, Inc. is the sole General Partner.