Cushman & Wakefield served as the exclusive advisor to Cannon Hill Capital Partners and Hampshire Companies in arranging $20,100,000 of financing for Crossroads 389, an 82-unit luxury multifamily property located at 389 Main Street in Hackensack.
The five-year, floating-rate loan was provided by Forbright Bank.
John Alascio, Chuck Kohaut and Chris Meloni of Cushman & Wakefield’s Equity, Debt and Structured Finance team secured the loan on behalf of the sponsors.
“Crossroads 389 is well-positioned for success in the thriving Hackensack multifamily market, which has become a vibrant live-work-play destination in Northern New Jersey,” Kohaut said. “The strength of the sponsorship attracted a highly competitive financing process, and we’re thrilled with the outcome for the partnership. We look forward to continued success for Cannon Hill and Hampshire, and appreciate the seamless execution provided by Forbright Bank under a tight closing timeline.”
Built in 2020, Crossroads 389 offers studio, one-bedroom, and two-bedroom floor plans complete with modern finishes, oversized windows, open kitchens with quartz countertops, in-unit washers and dryers, and private balconies in select units. The boutique, luxury apartment building provides a full suite of high-end amenities, including a 24-hour fitness center, a yoga room with video classes, co-working spaces, a resident lounge and an outdoor terrace.
Located in Hackensack’s revitalized downtown, Crossroads 389 is within walking distance of the Anderson Street NJ Transit Station, connecting residents to Hoboken and New York City in under 45 minutes, making it an attractive option for commuters seeking urban living at a fraction of NYC’s cost.
