Work is set to begin on a new, 235-unit multifamily development in Hackensack, Cushman & Wakefield said Monday, following its arrangement of approximately $52 million in construction financing.
The developer, Waypoint Residential, plans to develop two stories of parking capped by four stories of apartments at 435 Main St., in Hackensack.
John Alascio and Sridhar Vankayala of Cushman’s Equity, Debt & Structured Finance group arranged the financing, with market support for the transaction coming from Brian Whitmer of the real estate company’s capital markets practice.
Financing was obtained through Citizens Bank.
The project is also, according to Cushman, the recipient of a 30-year tax abatement.
Waypoint Residential is a vertically integrated real estate investment firm with headquarters in Boca Raton, Fla.