$170 million financing arranged by HFF for Jersey City apartments
FLORHAM PARK, NJ – April 12, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $170 million in financing for the newly-completed 70 Columbus, a 545-unit, Class A apartment tower in Jersey City, New Jersey.
HFF worked exclusively on behalf of Ironstate Development and Panepinto Properties to secure the 10-year, fixed-rate loan through Northwestern Mutual Real Estate. Loan proceeds were used to replace existing construction financing.
Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA), 70 Columbus has studio, one- and two-bedroom luxury rental residences featuring panoramic views of the New York skyline, oversized windows, wood floors, stainless appliances and quartz countertops. Common area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance; bike room; business center; 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations and dog run; and a 30,000-square-foot, state-of-the-art fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the intersection of Warren Street within walking distance to the Hudson River waterfront and the Grove Street and Exchange Place PATH train stations.
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.
“Northwestern Mutual addressed the borrowers desire to lock the interest rate early in the process and did a great job committing and closing the loan,” said Didio.
About Ironstate Development
Ironstate Development is a Hoboken, New Jersey-based development firm that is currently engaged in the development of more than $1 billion of residential, hotel and mixed-use properties in New Jersey and New York.
About Panepinto Properties
Panepinto Properties, Inc. is a New Jersey-based development company that has distinguished itself as a pioneer in outstanding residential, commercial and mixed-use developments in New Jersey. The company’s impressive portfolio includes completed and to-be-built more than 5,000 units of luxury rental housing, two million square feet of office space, more than 200,000 square feet of retail space, parking for more than 4,000 cars and several hotel projects, predominantly in Jersey City.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.