Hudson Square at 235 Hudson St. in Hoboken — Courtesy: JLL
By Joshua Burd
The owner of a 150-unit apartment tower in downtown Hoboken is refinancing the property for nearly $36 million, in a deal arranged by brokers with JLL.
In a news release, the advisory team said it represented Ironstate Development Co. in securing the debt for what’s known as Hudson Square North. Minnesota Life Insurance Co. is providing the $35.9 million, 10-year loan for the collection of one-, two- and three-bedroom homes at 235 Hudson St., which also houses 2,739 square feet of retail space.
JLL Senior Managing Director Thomas Didio, Director Thomas E. Didio Jr., Associate Carlos Silva and Analyst Salvatore Buzzerio brokered the deal.
“JLL is pleased to have worked alongside Ironstate Development to secure aggressively priced permanent debt on the property with our longstanding correspondent Minnesota Life Insurance Company,” Didio Jr. said.
The brokers noted that Hudson Square North, which was built in 1992, has an average unit size of 890 square feet. The community offers garage parking, an outdoor courtyard, garden space, laundry facilities and study space, with a location near the retail, dining and cultural offerings of downtown Hoboken and the city’s host of mass transit options.