HKS Real Estate Advisors has successfully facilitated a $46.5 million commercial mortgage-backed securities (CMBS) loan through Citigroup for Soldier Hill Commons, a multifamily property in Paramus.
The announcement was made by the New York-based real estate advisory firm on May 30. The transaction was managed by John Harrington, Principal and founding partner at HKS.
Situated at 1-5 Soldier Hill Road, the 35-acre site encompasses 140 Class A residences across three buildings, totaling approximately 240,000 square feet.
HKS reported that the units offer spacious layouts, gourmet kitchens with quartz countertops, spa-like bathrooms, stainless steel appliances, and private outdoor balconies. Residents also have access to amenities such as a pool, game rooms, and conference rooms.
The property has a complex local history due to contamination concerns but received development approval in 2020 after 45 years of litigation.
According to HKS, the borrower is an experienced family-owned development company with over 30 years in multifamily, mixed-use, historic renovations, and commercial/industrial properties across New York, New Jersey, and Connecticut.
In April, HKS closed a $5.4 million refinancing for another New Jersey multifamily project located at 425-429 Avenue C in Bayonne. This new five-story building offers 19 residences and includes 19 parking spots. The deal was co-brokered by HKS associate Alex Dobosh and partner Michael Lee, with Emerald Creek Capital providing the loan.
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By Proptechbuzz
By Ravi Kumar
