Multi-housing community in Northeastern New Jersey refinanced for $35.9M
JLL Capital Markets arranged the loan for Hudson Square North in Hoboken
MORRISTOWN, N.J., Jan. 10, 2021 – JLL Capital Markets announced today that it has arranged a $35.9 million refinancing for Hudson Square North, a 150-unit, transit-oriented, high-rise multi-housing community with 2,739 square feet of retail space in Hoboken, New Jersey.
JLL worked on behalf of the borrower, Ironstate Development, to secure the 10-year, fixed-rate loan through Minnesota Life Insurance Company. Loan proceeds will be used to refinance the existing debt on the property.
Constructed in 1992, Hudson Square North consists of one-, two- and three-bedroom residences averaging 890 square feet. Apartment amenities include washers and dryers, stainless steel appliances, quartz countertops and views of the Hudson River. The community offers garage parking, an outdoor courtyard, garden space, laundry facilities and study space.
Positioned in downtown Hoboken at 235 Hudson St., Hudson Square North is walking distance to a variety of shops, restaurants and entertainment amenities. The property is a five-minute walk to the PATH station, which services commuters to and from Manhattan in less than 10 minutes. In addition, the community is located near the Hudson-Bergen Light Rail, NY Waterway Ferry and the Newark Liberty International Airport. Local highway infrastructure includes Routes 440, 1 and 9 and Interstates 95 and 78 offering access to nearby cities and employment hubs.
“JLL is pleased to have worked alongside Ironstate Development to secure aggressively priced permanent debt on the property with our long-standing correspondent Minnesota Life Insurance Company,” said Didio Jr.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Director Thomas E. Didio, Jr., Associate Carlos Silva and Analyst Salvatore Buzzerio.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ironstate Development Company
Ironstate Development is one of the largest privately held real estate development companies in the Northeast, with offices in Hoboken, New Jersey, and Manhattan. Ironstate’s expertise and strengths are in its ability to successfully plan and execute the development of complex, multi-faceted projects that promote a vibrant downtown atmosphere through the well-balanced integration of residential, commercial, and recreational uses. Ironstate has completed a diverse portfolio of residential and commercial projects valued in excess of $4.0 billion. Ironstate’s multi-family portfolio is comprised of an extensive range of apartments, condominiums, retail, and recreational spaces in key urban centers near mass transportation hubs.