Located at 256 Observer Highway, Hoboken Urby will have apartments ranging from studios to three-bedroom units, plus an extensive lineup of social and wellness amenities, open space and retail space, including a café. — Rendering courtesy: PCCP
By Joshua Burd
Commercial real estate finance firm PCCP has closed a $162 million senior construction loan in connection with the planned 16-story, 345-unit Urby apartment building in Hoboken.
Its developer, an affiliate of Ironstate, announced earlier this month that it had broken ground on the project at 256 Observer Highway. The 418,332-square-foot building will soon rise at the 1.1-acre site, which is less than a quarter-mile from Hoboken Terminal and the Washington Street retail corridor, with completion slated for early 2028.
Mark DeLillo of BlueGate Partners arranged the financing.
“PCCP believes this loan represents an opportunity to finance the construction of a sizeable, Class A, transit-oriented multifamily property in Hoboken on behalf of Ironstate, a borrower with an exceptional local track record,” said PJ Finley, vice president with PCCP. “Hoboken’s rental market features some of the strongest supply-demand fundamentals in the U.S. and we believe Hoboken Urby will contribute to the placemaking in southern Hoboken.”
Designed by Shawn Hausman Design, the tower will have a mix of floorplans ranging from studios to three-bedroom homes. The building, which will have 307 market-rate and 38 affordable units, will also have amenities, open spaces and some 17,000 square feet of retail space including a café.
PCCP noted that Hoboken has added fewer than 400 multifamily units over the past five years due to land scarcity and a lengthy entitlement process, citing CoStar data. Combined with a population that has surged nearly by 50 percent since 2000, vacancy in the city is less than three percent.
Urby breaks ground in Hoboken as residential brand expands in Hudson County
