$78M refinancing secured for Bergen County multi-housing community

MORRISTOWN, May 2, 2022 – JLL Capital Markets announced today that it has closed the $78 million refinancing of The Current on River, a 254-unit, newly constructed multi-housing community in Hackensack, New Jersey.

JLL represented the borrower, Brickyard Urban Renewal, LLC, an affiliate of Hekemian & Co., Inc., to secure the 10-year, fixed-rate loan through New York Life Real Estate Investors.

Built in 2020, The Current on River features one- and two-bedroom units with granite and quartz countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers, a private patio or balcony and an average size of 846 square feet. Community amenities include a fitness center, pool with sundeck, barbecue and picnic area, courtyard, coffee bar, clubroom, work lounge, pet spa, garage parking, bike storage and conference room.

Located at 18 E. Camden St., the property provides residents access to Route 4 and I-80 and is supported by the presence of two NJ Transit train stations within the city. Additionally, the Hackensack Bus Terminal, with the River Street at Berry Street stop, is directly outside the property to the east. The site is within close distance of Routes 46 and 17, two prime retail corridors within the Northern New Jersey region. Nearby employment centers include Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport, the Bergen County Courthouse and the adjacent Bergen Community College.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio, Jr. and Associate Gerard Quinn.

“The Current on River is a transformative project featuring best-in-class amenities and unit finishes. The life company market remains aggressive for core, best-in-class, new development multi-housing product. Thank you to Brickyard Urban Renewal, LLC and the Hekemian & Co. team for entrusting JLL to drive the market on this financing,” stated Didio.  “We thank the Hekemian Co. principals for entrusting JLL to deliver the permanent financing for this exceptional, state-of-the-art project.”

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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New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit: http://www.newyorklife.com/realestateinvestors.

New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $64.4 billion in assets under management as of December 31, 2021,(1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.

(1) Real Estate Investors AUM of $64.4B is gross and includes AUA ($1.1B) as of 12/31/2021. Net AUM for Real Estate Investors is $63.3B as of 12/31/2021.