Systems and methods are provided for producing lubricant basestocks having a reduced or minimized aromatics content. A first processing stage can perform an initial amount of hydrotreating and/or hydrocracking. A first separation stage can then be used to remove fuels boiling range (and lower boiling range) compounds. The remaining lubricant boiling range fraction can then be exposed under hydrocracking conditions to a USY catalyst including a supported noble metal, such as Pt and/or Pd. The USY catalyst can have a desirable combination of catalyst properties, such as a unit cell size of 24.30 or less (or 24.24 or less), a silica to alumina ratio of at least 50 (or at least 80), and an alpha value of 20 or less (or 10 or less). In some aspects, the effluent from the second (hydrocracking) stage can be dewaxed without further separation. In such aspects, a portion of the dewaxed effluent can be used as a recycle quench stream to cool the hydrocracking effluent prior to entering the dewaxing reactor.