Upscale New Jersey Communities Receive $91M in Loans
- Jan 25, 2021
Ironstate Development has landed a financing package totaling $90.5 million for The Vanguard and North Independence, two luxury communities encompassing 381 units in Hoboken, N.J. JLL arranged the note from an insurance company. McCarter & English served as the legal advisor for the lender, according to Law360.com.
The Vanguard received an $84 million mortgage which carries a fixed interest rate over a 10-year term. The new note will replace a 10-year, $72 million loan originated by HFF in 2013, Yardi Matrix shows. Located on 3 acres at 1201 Hudson St., the 11-story building was completed in 1998. The unit mix has studio, one- and two-bedroom apartments.
North Independence received a $6.5 million supplemental loan. At the time of closing, the asset was also encumbered by a 12-year, $80 million mortgage provided by State Farm in 2014, according to the same data provider. Built in 2005, the 13-story property occupies one acre at 1 Independence Court. The community has one- to three-bedroom floorplans.
Both properties have recently renovated apartments with in-unit washers and dryers. The amenity package for both communities features outdoor pools, fitness studios and children’s play areas. Situated close to the Hudson River, the buildings are four miles northwest of Lower Manhattan.
The JLL team that assisted the borrower included Senior Managing Director Thomas Didio and Directors Thomas Didio Jr. and Max Custer. Last August, Didio was part of the team that arranged a $116 million loan for a mixed-use project in Montvale, N.J.