CBRE provided Khosla with a $96 million loan to refinance Prospect Place in the New Jersey community, the Commercial Observer reported. The debt is a Freddie Mac-backed loan for the two-building, 360-unit complex at 300-310 Prospect Avenue.
A CBRE team including Judah Hammer, Jason Gaccione and Shawn Rosenthal arranged the financing.
In a statement, Khosla CEO Raman Khosla said the financing “enables us to continue investing in the property and improving the residents’ experience, while ensuring the long-term financial stability of the property.”
Prospect Place is spread over two buildings. An 18-story building contains 157 units, while a smaller five-story building contains the remaining 203 units. Complex amenities include an outdoor pool, fitness center, clubhouse, residents’ lounge, business center, courtyard and billiards room.
Khosla acquired the property from Kushner Companies in April 2021 for $114.5 million following a renovation of the complex’s units and amenity areas.
Hackensack experienced a development boom in the years immediately following the pandemic. The center of the community, known as ‘The Sack’, saw a notable influx with more than twenty projects.
In 2024, a single development plan emerged for a 2.7 hectare site that could contain as many as 350 units. An amended plan called for retail space on the ground floor and 20 parking spaces next to the multi-family units.
An unnamed developer would have to pay 1.5 percent of the property’s value in development fees to the city’s affordable housing trust fund.
Money is also flowing into other parts of New Jersey’s commercial market.
Last month, Ursa Development Group and Fields Grade secured a $150 million permanent loan from Truist Bank to refinance The Devan. The developers had recently completed the 336-unit multifamily complex at 3 New York Avenue in Jersey City.
— Holden Walter Warner
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