Steel Works in Harrison — Courtesy: Advance Realty and DeBartolo Development
By Joshua Burd
Advance Realty and DeBartolo Development have landed $70 million in financing for a recently completed, 286-unit apartment project in Harrison, in a deal arranged by brokers with HFF.
The capital markets firm announced the loan for Steel Works, a luxury rental property at 1200 Frank E. Rodgers Blvd. South, representing the joint venture to secure the 10-year, fixed-rate loan with an institutional lender. Loan proceeds were used to retire existing construction financing.
The HFF debt placement team representing the borrower 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,” Nalbandian said. “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 less than a quarter-mile from the Harrison PATH Station, Steel Works was completed in 2017. HFF said the five-story, 96.5-percent-occupied property includes a mix of studio, one- and two-bedroom floor plans featuring high-end interiors, appliances and finishes, along with a series of luxury amenities.