HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit community in Hackensack, about 20 miles north of New York City. The borrower was a partnership between Hornrock Properties and GTIS Partners. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan.
Ivy & Green was developed in phases over the last several years. The first phase of the project delivered 221 units in March 2023. Phase II was completed in April 2024 and comprised 168 units. The community features studio, one- and two-bedroom apartments. Residents have access to amenities such as a pool, fitness center, theater and music studio, coworking space, lounge and pet spa.