Hackensack, NJ

$39,750,000 First Mortgage

In December 2021, a $39.8 million first mortgage acquisition loan was provided for a six-story suburban office building located at 3 University Plaza in Hackensack, New Jersey. The property comprises 227,000 square feet and was 99% leased at closing to a diversified tenant base, including Holy Name Hospital, Bergen’s Promise, and GEICO. While highly occupied, in-place rents were materially below market, creating a clear opportunity to increase NOI through lease roll and the leasing of remaining vacant space.

The asset is located in Hackensack, a well-established suburban office market with strong access to regional transportation and a dense surrounding residential base. The area benefits from stable institutional tenancy, healthcare demand, and long-term fundamentals that support continued cash flow growth and value preservation.