F inancial D igest
M id A tlantic Real Estate Journal —May 2023 — 23A
www.marej.com
OBOKEN, NJ — In- tercontinental Real Estate Corp. has se- The Multifamily Capital team’s Hogan arranged the financing on behalf of Wells Fargo Intercontinental Real Estate Corp. secures $150 Million in financing for 7 Seventy House H
playroom, roof terrace with barbecue/fire pit areas, swim - ming pool, dog run and pet spa. The Waterfront Walkway Pier C Park, and Frank Sina- tra Park, all located along the Hudson River opposite New York, are located nearby, as is Church Square Park and downtown Hoboken’s many dining options. Manhattan is easily accessible, with di- rect access offered via above- ground or subterranean rail, ferries or the Holland Tunnel. The Multifamily Capital team’s Shane Hogan ar- ranged the financing on be - half of Wells Fargo. Robert Deignan, Dean Jewett and Siobhan Doran of Wells Fargo’s Real Estate Banking originated the construction loan on behalf of Interconti- nental of Boston, MA. Several weeks ago, Hampshire Cos. landed $62 million in construc- tion financing for a Hacken - sack development that is part of the city’s redevelopment plan. MAREJ
cured $150 million in financing for 7 Seventy House, a market- rate, mixed-use development in downtown Hoboken. Arranged by Wells Fargo ’s Multifamily Capital team, the five-year, fixed-rate term with three years of yield mainte- nance provides the sponsor prepayment flexibility. A por - tion of the housing at 7 Seventy House will be affordable, with 10 percent of the residences set aside for residents making less than 80 percent of Area Median Income. The residence at 770 Jack- son Street — co-developed by Greystar — was completed in 2019. The property includes 424 multifamily units, nearly 25,000 s/f of commercial space and a shuttle service to the Hoboken Terminal station. Situated at 770 Jackson St., the property features 382 units in a mix of apartment sizes ranging from studios
770 Jackson Street
to three-bedrooms and from 415 to 1,625 s/f. Apartments feature walk-in closets and
high-speed Internet access, while the property offers a roof terrace.
Amenities at the property include a fitness center, cof - fee car, game room, children’s
Breakthrough Properties works with D2 Capital Advisors to secure $130M construction loan from Corebridge Financial
expects to deliver floors for the start of tenant fit-out in summer 2024. “Over the past few years, Philadelphia has emerged as a leading research hub for pioneering new modalities in immunology, cell and gene therapy, and mRNA-based technologies to name a few. These advances have opened a new multi-billion dollar marketplace for local compa- nies and made Philadelphia a hotspot for next genera- tion discoveries,” said Break- through Properties CEO and co-founder Dan Belldegrun . Designed by KieranTim- berlake , the project received unanimous approval dur- ing the Civic Design Re- view process last August and was issued full building permits earlier this year. Breakthrough, which has engaged Hunter Roberts
as construction manager for the project, is meticulously disassembling the original terracotta façade of the 2314 Market building for storage off-site and reinstallation during the course of construc- tion to maintain an authentic streetscape that blends the old with the new. Greater Philadelphia is a national leader in NIH grant funding for cell and gene therapy. The city, which is anchored by a number of the world’s leading research institutions, is home to more than 730,000 professionals with degrees in the engineer- ing and science fields. 2300 Market by Breakthrough provides access to SEPTA trans- portation, Amtrak trains, and the William H. Gray III 30th Street Station, connecting to NYC, Boston, and the Washing- ton Metro. Region. MAREJ
PHILADELPHIA, PA — Breakthrough Properties backed by a joint venture of Tishman Speyer and Bellco Capital , announced it has closed financing and commenced construction on a best-in-class life science building on Market at S. 23rd St., in Philadelphia’s Center City District. Breakthrough worked with Philadelphia-based D2 Capital Advisors to secure the $130 million construc- tion loan from Corebridge Financial . With financing now in place, Breakthrough is rapidly advancing con- struction on 2300 Market by Breakthrough, an 223,000 s/f life science research and discovery building. Situated adjacent to the University of Pennsylva- nia and Drexel University, within a short walk of lead-
2300 Market by Breakthrough
ing academic medical centers and steps from Philadelphia’s 30th Street Station and Rit- tenhouse Square, 2300 Mar- ket by Breakthrough is de- signed with highly flexible lab zones that can accommodate
a wide range of research uses. The building will also house a café and lounge, fitness center, elevated terraces and other amenities tailored to Philadelphia’s biotechnology companies. Breakthrough
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