HFF secures $155.83 million financing for development of luxury apartment tower in Jersey City
FLORHAM PARK, NJ – August 4, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $155.83 million in financing for the development of 90 Columbus, a 539-unit, 50-story, Class A apartment tower in Jersey City, New Jersey.
HFF worked exclusively on behalf of Ironstate Development and Panepinto Properties, Inc. to secure the construction loan through a national commercial bank. This transaction follows the announcement of permanent financing that HFF procured for the adjacent 50-story apartment tower at 70 Columbus in March 2016 through Northwestern Mutual Real Estate.
90 Columbus is positioned at the corner of Marin Boulevard and Steuben Street in Jersey City’s Grove Street District. The property is part of a multi-phase development, which also includes the 400-unit, Costas Kondylis-designed 50 Columbus apartment building; 50-story, luxury residential tower 70 Columbus; soon-to-be-completed, 152-room Marriott Residence Inn at 80 Columbus; and on-site shared parking.
Due for completion in 18 months, 90 Columbus will feature studio, one- two- and three-bedroom luxury residences averaging 789 square feet each. The property will include 7,500 square feet of indoor amenity space featuring a swimming pool, grilling areas, indoor and outdoor children’s play areas, dog run, sport court, table tennis room, library and Wi-Fi lounges. Residents will also have access to the amenity package at 50-70 Columbus, including membership at the 30,000-square-foot BASE Fitness.
90 Columbus shares its design, conceptualized by world-renowned architecture firm Gwathmey, Siegel, Kaufman and Associates (GSKA), with neighboring 70 Columbus. The transit-oriented property will include on-site access to the Grove Street PATH Station providing direct access into downtown Manhattan, as well as a 15,000-square-foot grocer on its ground floor. Surrounded by the Paulus Hook, Newport and Power House neighborhoods, 90 Columbus will offer expansive views of the Manhattan skyline, Hudson River, Statue of Liberty and New York Harbor.
The HFF debt placement team representing the borrower was led by senior managing director Thomas 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, Inc.
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 23 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.