$60M refinancing secured for Excelsior II luxury apartments
JLL Capital Markets executed the refinancing for the Class A Hackensack property
MORRISTOWN, N.J., March 1, 2021 – JLL Capital Markets announced today 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.
Excelsior II features 267 units available in a wide array of one- and two-bedroom options, many featuring sweeping views of Northern New Jersey. 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.
“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.”
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 sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tidewater Real Estate Company
A “Best in Class” operator, Tidewater Real Estate Company and Tidewater Management Company. Operates a portfolio of approximately 1,000 apartment units located through Bergen and Essex Counties. The Company has over 60-years of successful experience operating in the Northern New Jersey market. A vertically integrated organization, the Company handles all aspects of operations.
About John Hancock
John Hancock has helped individuals and institutions build and protect wealth since 1862. Today, we're one of the strongest and most-recognized financial brands. John Hancock Investment Management, a company of Manulife Investment Management, serves investors globally through a unique multimanager approach: We search the world to find proven portfolio teams with specialized expertise for every strategy we offer, then we apply robust investment oversight to ensure they continue to meet our uncompromising standards and serve the best interests of our shareholders. Our approach to asset management has led to a diverse set of investments deeply rooted in investor needs, along with strong risk-adjusted returns across asset classes.