JV Secures $70M Loan for NJ Asset
The proceeds of the 10-year loan, arranged by HFF, were used to retire existing construction financing for Steel Works, a 2017-built property in Harrison.
A joint venture between Advance Realty and DeBartolo Development has landed $70 million in financing for Steel Works, a recently completed apartment community in Harrison, N.J. HFF worked on behalf of the borrower to secure the 10-year, fixed-rate loan with an institutional lender. Financing proceeds were used to retire existing construction financing for the project.
The HFF debt placement team representing the owner included Senior Managing Directors Greg Nalbandian and Jim Cadranell.
“Steel Works represents the first Class A apartment project completed by the first class development team of Advance and DeBartolo within the Riverbend District, a 35-acre site that will ultimately deliver 3,000 luxury apartments and 100,000 square feet of retail,” said Nalbandian, in a prepared statement. “There was significant interest to finance this project and we were successful in arranging a very aggressive fixed-rate loan with a heavy interest-only period for our client.”
Located at 1200 Frank E. Rodgers Blvd. S., the five-story property was completed in 2017 and is currently 96.5 percent occupied. Steel Works offers 286 studio, one- and two-bedroom floorplans ranging from 423 to 1,042 square feet. Interior features include elevated 9-foot ceilings, frameless glass shower doors, custom modular closets and wardrobes, rainfall shower heads, hardwired sound systems, stainless steel appliances, designer cabinetry, open shelving, quartz countertops, movable islands, personal wine fridges, private balcony/patios, washer/dryers and programmable thermostats. Common area amenities include:
- state-of-the-art fitness center with spin room
- resident clubroom
- communal dining area
- entertainment venue
- rooftop deck
- outdoor swimming pool with sundeck
- programmed terrace with seating, movie screen and lawn games
- dog park
- bike storage
- electric car charging stations
- package concierge
- dry cleaning service
- nearby access to the Harrison PATH Station
Earlier this month, HFF arranged a $96.5 million construction loan on behalf of Alamo Manhattan for the development of 100 Columbia, a 348-unit community in Portland, Ore.
Image courtesy of HFF