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.
New York—HFF 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