CBRE announced Thursday that it has successfully secured $96 million in refinancing for Prospect Place, a premier 360-unit luxury residential community in Bergen County. The financing was arranged via Freddie Mac on behalf of Khosla Capital, a prominent tri-state owner-operator that has overseen a major transformation of the asset over the last five years.
The transaction was led by the CBRE Capital Markets team of Judah Hammer, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein.
Located at 300-310 Prospect Avenue, Prospect Place consists of two distinct structures: an 18-story high-rise tower (157 units) and a five-story mid-rise building (203 units). Since acquiring the asset in 2021 for $114.5 million, Khosla Capital has executed a comprehensive capital improvement plan to modernize both the interiors and the communal spaces.
“The Khosla team invested significant capital to refresh the community,” Gaccione said. “The reimagined resident experience is central to their business and why this project has been so successful.”
The property serves as a “live-work-play” hub just 35 minutes from Manhattan. Its location is particularly strategic for professionals, situated adjacent to Hackensack University Medical Center and minutes from Fairleigh Dickinson University.
Property Features & Amenities:
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Modernized units: Contemporary interiors featuring hardwood-style flooring, walk-in closets, and private patios or balconies. Select premium units include vaulted ceilings and fireplaces.
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Resort-style living: An outdoor pool with a sundeck, a two-level fitness center with a cardio theater, and a billiards room.
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Professional perks: A dedicated resident business center and lounge tailored for the work-from-home era.
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Services: Professional concierge, garage parking, and on-site Spanish-speaking staff.
The $96 million Freddie Mac loan reflects the continued confidence institutional lenders have in the Northern New Jersey multifamily market. Despite broader economic fluctuations in early 2026, high-quality Class A assets in “transit-rich” locations like Hackensack continue to command strong interest.
The refinancing allows Khosla Capital to stabilize the property’s debt following its successful value-add program, ensuring long-term operational strength as Hackensack continues its redevelopment boom.
