321 Main Street project rendering

Northmarq Arranges $62 Million in Construction Financing for Hackensack TOD

by Lynn Peisner

HACKENSACK, N.J. — Northmarq’s New Jersey regional debt and equity office has arranged a $62 million construction loan for 321 Main Street in Hackensack. The seven-story, mixed-use building will include 270 apartments over two floors of garage parking and approximately 8,700 square feet of street-level retail. The property will consist of 20 studios, 189 one-bedroom units and 61 two-bedrooms. Amenities will include a dog-walking area, a third-floor elevated courtyard, a clubroom and fitness center, bike storage and a concierge desk.

The project was conceived under the Hackensack Redevelopment Plan, which was adopted in 2012. Under this plan, zoning favors mixed-use projects located near transit to encourage pedestrian communities. The 321 Main Street project is close to two New Jersey transit stations as well as the regional New Jersey bus station that provides access throughout the county and to New York City. The developer is an entity controlled by The Hampshire Cos., doing business as 301 Main MF-Q Urban Renewal LLC. Valley Bank and Fulton Bank provided the funds for the loan. A construction timeline was not disclosed.

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