Ironstate Closes on $162M for NJ Project
The project adds to a scarce construction pipeline in this North Jersey city.
An affiliate of Ironstate Holdings has obtained a $162 million senior construction loan for the ground-up development of Hoboken Urby, a 345-unit Class A transit-oriented multifamily community located in Hoboken, N.J. The project has officially gone vertical, with completion expected in early 2028. The construction loan was furnished by PCCP.
Situated at intersection of Observer Highway and Park Avenue, Hoboken Urby will be built on a 1.1-acre parcel. The 16-story, 418,332-square-foot project will feature 307 market-rate and 38 affordable apartments, as well as approximately 17,000 square feet of retail space, set to include a café. As planned, the development will include 29 studios, 220 one-bedroom, 61 two-bedroom and 35 three-bedroom apartments.
Unit features and finishes will include wood flooring, stainless steel appliances, custom shelving, walk-in showers, Terrazzo tile in bathrooms and latch access control. Among the property’s common-area amenities will be a fitness center, café, speakeasy, as well as a landscaped amenity deck with barbecue grills and a rooftop dog run.
Located at 256 Observer Highway, Hoboken Urby sits at southern border of the city, less than one-quarter mile from the Hoboken PATH station
Strong demand, struggling supply
Development of Hoboken Urby adds to the city’s bottlenecked pipeline of new units. In the past half decade, the North Jersey enclave has struggled with the development of new properties, a trend happening at the time as a surging population over the last two decades. Reasons include a scarcity of land alongside a long, drawn-out construction process.
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Despite the lag in Hoboken, construction continues apace in nearby Jersey City. In June, Panepinto Properties topped out on construction of 505 Summit, a $388 million, 605-unit high-rise that is expected to be move-in ready next spring.
