Cronheim Secure $18MM for Prime Multifamily Building
2.65% in Hackensack, NJ
Andrew Stewart and Allison Moravec secured $18 million in financing for the Carlyle, a 128 unit, 13-story apartment building located in Hackensack, Bergen County, New Jersey. The three year loan was structured with fixed rate of 2.65% and flexible prepayment structure for the borrower, Emay Equities LLC & Colony Realty Associates.
The subject property was constructed in 1976 along Prospect Avenue, the prime location for mid- and high-rise multifamily in the city of Hackensack. The property features 89 one-bedroom units which range in size from 780 square feet to 810 square feet and 39 two-bedroom units which encompass approximately 1,035 square feet. On-site parking is available for 200 vehicles at a ratio of 1.5 per apartment. There is a three level underground lot which was recently renovated and has capacity for 136 vehicles and a surface lot with 64 uncovered spaces. The property’s amenities and services include a 24 hour doorman and concierge, heated swimming pool, recently renovated fitness center, package receiving, and onsite laundry and storage facilities. There are New York City views from the eastern side of the building.