7 Seventy House in Hoboken — Courtesy: Bijou Properties and Intercontinental Real Estate Corp.
By Joshua Burd
Intercontinental Real Estate Corp. has secured $150 million in financing from Wells Fargo for a 424-unit luxury apartment building in western Hoboken.
According to the lender, the construction takeout loan for 7 Seventy House has a five-year, fixed rate term with three years of yield maintenance, providing Intercontinental with prepayment flexibility. The deal comes around four years after the property opened its doors at 770 Jackson St., under a joint venture between Intercontinental and Bijou Properties.
Shane Hogan and Andrew Cohen of Wells Fargo’s multifamily capital unit arranged the financing on behalf of the bank. Robert Deignan, Dean Jewett and Siobhan Doran of Wells Fargo’s real estate banking team originated the loan on Boston-based Intercontinental’s behalf.
In a news release, Wells noted that 7 Seventy House has a regulatory agreement that restricts rents on 10 percent of the units to 80 percent of area median income. The property includes amenities such as a resident lounge, a fitness center, a game room and others, along with 24,667 square feet of street-level commercial space.
Developers near lease-up of 424-unit Hoboken rental property
