O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
On behalf of Ironstate Development and Panepinto Properties, Inc. HFF secures $155.83 million financing for dev. of luxury apartment tower in Jersey City, NJ J
manent financing that HFF procured for the adjacent 50-story apartment tower at 70 Columbus in March 2016 through NorthwesternMu- tual Real Estate . 90 Columbus is positioned at the corner of Marin Blvd. and Steuben St. in Jersey City’s Grove Street District. The property is part of amulti- phase development, which also includes the 400-unit, Costas Kondylis-designed 50 Columbus apartment build- ing; 50-story, luxury residen- tial tower 70 Columbus; soon- to-be-completed, 152-room Marriott Residence Inn at 80 Columbus; and on-site shared parking. NEW JERSEY — Love Funding , one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, an- nounced the closing of $75.3 million in loans to refinance Parkview Towers and Clock Tower Apartments, two af- fordable apartment commu- nities under the same owner- ship team in New Jersey. Parkview Towers is a 688- unit development in West New York, New Jersey. It houses 684 Section 8 apart- ments and four market-rate units in two 24-story apart- ment buildings originally built in 1974. Clock Tower Apartments, located in Hobo- ken, is a six-story apartment building last renovated in 1976. Of the 173 units, 90 are market-rate, 68 receive project-based Section 8 rental assistance, and 14 are special voucher units. Parkview Towers is owned by Parkview Towers, LLC and Clock Towers Apart- ments is owned by Jefferson- Adams Rehab Company, LP . The two ownership enti- ties share principals. The financing was secured by Love Funding senior di- rector Laura Saull-Smith through the U.S. Depart-
Due for completion in 18 months, 90 Columbus will feature studio, one- two- and three-bedroom luxury resi- dences averaging 789 s/f each. The property will include 7,500 s/f of indoor amenity space featuring a swimming pool, grilling areas, indoor and outdoor children’s play areas, dog run, sport court, table tennis room, library and Wi-Fi lounges. Residents will also have access to the ame- nity package at 50-70 Colum- bus, including membership at the 30,000 s/f BASE Fitness. 90 Columbus shares its design, conceptualized by world-renowned architecture firm Gwathmey, Siegel,
HI-LIGHTS Augu st 26 - S ept . 15, 2016 HFF worked on behalf of Ironstate Development and Panepinto Proper- ties, Inc. to secure the con- struction loan through a national commercial bank. This transaction follows the announcement of per- ERSEY CITY, NJ — Ho l l iday Fenog l io Fowler, LP (HFF) an- nounced today that it has secured $155.83 million in financing for the development of 90 Columbus, a 539-unit, 50-story, class A apartment tower in Jersey City.
The HUD program provided the ownership teamwith low- rate, non-recourse financing to refinance the existing debt and lower the debt service on the loan, providing more than $500,000 in annual savings. A significant factor in gen- erating the cost savings was how quickly the loans moved through the New York HUB office of HUD; both transac- tions were processed in about 30 days. “Love Funding did a great job on the transaction,” said Charlie Gendron , pres- ident of Low Income Hous- ing and a principal involved with both properties. “Laura was instrumental in getting the transaction to close so fast, including switching the closing from Newark to New York, a phenomenal feat that saved us a lot of money.” Both properties are man- aged by Parkview Man- agement Corporation , which has specialized in multi-family hi-rise afford- able communities for more than 40 years. “Love Funding has been a pleasure to work with,” said Parkview Man- agement president Lisa J. D’Alessandro . “Laura and her team were able to able to bring us to a close effectively and efficiently.” n Kaufman and Associates (GSKA) , with neighboring 70 Columbus. The transit- oriented property will in- clude on-site access to the Grove Street PATH Station providing direct access into downtown Manhattan, as well as a 15,000 s/f grocer on its ground floor. Surrounded by the Paulus Hook, Newport and Power House neighbor- hoods, 90 Columbus will of- fer expansive views of the Manhattan skyline, Hudson River, Statue of Liberty and New York Harbor. The HFF debt placement team representing the borrow- er was led by senior managing director Thomas Didio . n
90 Columbus
Love Funding secures $75.3 million in loans for refinancing of affordable apartment communities
2016 Governor’s Conference on housing & economic development
Parkview Towers
7-20B
Warfel begins $5.9m office/manufacturing expansion of facility
6B
www.marejournal.com ALSO INSIDE NJAA................................18B Green Buildings........21-23B USGBC.............................23B IREM...........................24-25B
Clock Tower Apartments
which allows up to 12 years to be added to an existing HUD mortgage’s remaining term.
ment of Housing and Ur- ban Development ’s 223(a) (7) loan insurance program,
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