Waypoint expanding New Jersey resi portfolio by 235 apartments

by   CIJ USA
2018-09-19   16:49
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Waypoint Residential secured a $52m construction loan for the redevelopment of 435 Main St. in Hackensack, New Jersey. Plans call for a 235-unit facility which will feature a four-story building along with two stories of parking. Amenities at the property will include a landscaped pool deck, a community lounge, a fitness center, an entertainment room and a pet facility. Cushman & Wakefield facilitated the loan, which was sourced and executed through Citizens Bank. Waypoint Residential’s investment portfolio is valued at nearly $3bn across more than 22,000 units.

“There was strong interest from a bunch of local and regional construction lenders,” said Sri Vankayala, Cushman & Wakefield’s senior director. “There was also interest from debt funds looking to provide higher leverage mezzanine/preferred equity loans. Hackensack’s compelling growth story proved attractive to lenders, who are still keen to lend on multifamily construction projects — particularly for strong, proven sponsors, like Waypoint.”