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| Gregory Nalbandian |
MORRISTOWN, NJ – JLL Capital Markets announced it has arranged a $60 million refinancing for Excelsior II, an exceptionally maintained 18-story multi-housing tower located in Hackensack, New Jersey.
Located at 170 Prospect Ave., Excelsior II is one of the most well-known properties in Hackensack.
The
property is within walking distance of one of New Jersey’s best hospitals,
Hackensack University Medical Center.
JLL worked on behalf of the borrower, Tidewater Real
Estate Company, to secure the 30-year self-liquidating loan through its
correspondent relationship with John Hancock.
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| Michael Lachs |
The community offers market-leading amenities, including an indoor pool, sauna, fitness center covered parking and access to a top-rated restaurant on the bottom floor.
Since
its construction in 1999, the community has been maintained to the highest
standards.
The JLL Capital Markets team representing
the borrower was led by Senior Managing Director Gregory Nalbandian and
Vice President Michael Lachs.
Excelsior II apartments
Hackensack, NJ
“We were pleased to place this long-term, 30-year fixed rate loan through our correspondent relationship with John Hancock,” said Nalbandian.
“This asset is the most
desirable apartment project along Prospect Ave. and the greater area, and there
was no shortage of interest to finance this trophy property. Our client took
advantage of historically low interest rates and locked an extremely attractive
rate for the next 30 years.”
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CONTACT:
Natalie
Passarelli
Public Relations
Jones
Lang LaSalle Americas, Inc.
200
E. Randolph St.
Chicago, IL 60601
M
+1 224 477 7307
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