The Vanguard at 1201 Hudson St. and North Independence at 1 Independence Court, both in Hoboken — Courtesy: JLL
By Joshua Burd
Ironstate Development has landed more than $90 million in financing for a pair of luxury apartment buildings in northern Hoboken, in a transaction arranged by JLL.
In the larger deal, JLL represented Ironstate to secure an $84 million, 10-year loan for a 196-unit property at 1201 Hudson St. Known as The Vanguard, the building is part of the city’s Shipyard development and also features 37,818 square feet of ground-floor retail space that is home to Starbucks and other prominent tenants.
JLL also announced a $6.5 million supplemental loan for North Independence, a 185-unit property at 1 Independence Court. An insurance company lender is providing the financing for the building, which is also within the Shipyard complex.
“We are pleased to work alongside Ironstate Development to facilitate the refinance and upsizing of these two prominent multifamily assets in uptown Hoboken,” said Thomas Didio Jr., a member of JLL’s New Jersey capital markets team. “The Vanguard and North Independence remain as two of the more highly desired rental assets in Hoboken, which is testament to Ironstate’s proactive management and ownership.”
Didio, a director, represented the borrower alongside JLL Senior Managing Director Thomas Didio Sr. and Director Max Custer. They noted that both The Vanguard and North Independence feature newly renovated apartments with in-unit washers and dryers, with amenities such as swimming pools, a fitness center, an indoor and outdoor children’s play area and a sun deck.
Both also have waterfront access with views of the Hudson River and New York Harbor.
“The life company financing market showed tremendous interest in these opportunities, even in the face of COVID-19 uncertainty,” Didio Jr. said. “Ultimately, we were able to structure an accretive debt package that allowed Ironstate to upsize their existing loan on North Independence and borrow new, 10-year fixed rate debt on The Vanguard at historically low rates.”
