Jersey City Luxury Apartments Land $156M in Financing

HFF secured the construction loan for 90 Columbus, a 539-unit luxury apartment tower in the Grove Street District.

70-90 Columbus, Jersey City
70-90 Columbus, Jersey City

New YorkHFF has arranged $155.8 million in financing for the development of 90 Columbus—a 539-unit, 50-story luxury apartment tower in Jersey City, N.J.

Working on behalf of Ironstate Development and Panepinto Properties Inc., HFF placed the construction loan with a national commercial bank. The debt placement team was led by Senior Managing Director Thomas Didio. HFF also procured permanent financing for the adjacent 50-story tower at 70 Columbus back in March through Northwestern Mutual Real Estate.

Located in Jersey City’s Grove Street District, 90 Columbus is an integral part of a multi-phase development that also includes 50 Columbus, 70 Columbus and the 152-key Marriott Residence Inn at 80 Columbus. The tower is scheduled for completion 18 months from now, and will feature studio, one-, two- and three-bedroom floor plans averaging 789 square feet each. Amenities will include a swimming pool, grilling areas, children’s play areas, a dog run, a table tennis room, a library and Wi-Fi lounges.

90 Columbus is designed by Gwathmey, Siegel, Kaufman and Associates, which also handled the design for 70 Columbus. The property will offer easy access to downtown Manhattan through on-site access to the Grove Street PATH Station. Roughly 15,000 square feet of retail space will also be available on the ground floor.

Rendering courtesy of Barone Engineering Associates LLC

You May Also Like

Latest Stories