MORRISTOWN, NEW JERSEY (March 14, 2023) — Northmarq’s New Jersey regional debt/equity office, arranged a $62 million construction loan for 321 Main Street, Hackensack, New Jersey. The seven-story mixed use building will include 270 market-rate apartments over two floors of garage parking and approximately 8,700 square feet of street level retail. The property will consist of 20 studio, 189 one-bedroom/one-bath, and 61 two-bedroom/two-bath apartment homes. Amenities will include a dog walking area, 3rd floor elevated courtyard, several terraces, a multi-purpose club room and fitness center, bike storage and concierge desk.
The project was conceived under the Hackensack Redevelopment Plan, which was adopted in 2012. Since then, the city of Hackensack has taken tremendous steps in implementing and adopting new zoning which provides a clear vision to transform the downtown into a mixed use, pedestrian friendly environment. The 304,549 sq. ft. multifamily development site will be within close proximity to two NJ transit stations as well as the regional NJ bus station that provides access throughout the county and to New York City.
“Northmarq arranged the financing for the borrower, 307 Main MF-Q Urban Renewal LLC, an entity controlled by The Hampshire Companies. The development of 321 Main Street will help meet Hackensack’s need for differing residential housing options along with the goal of encouraging smart growth principles through an abundance of transportation options, walkability and neighborhood revitalization,” commented Gary Cohen, senior vice president and managing director. “I would like to thank The Hampshire Companies and the teams at Valley Bank and Fulton Bank in the successful execution of this transaction.”