Intercontinental Real Estate has injected new capital into its luxury development in Hoboken.
Wells Fargo Offers $150M Construction Takeaways for 7 Seventy House, ROI-NJ Report. A takeaway is essentially a permanent loan that can be used as an alternative to a short-term construction loan.
The term of the loan is five years, the interest rate is fixed, and the rate of return is maintained for three years. Wells Fargo’s Shane Hogan and Andrew Cohen represented the bank in the transaction, while a team including Dean Jewett and Siobhan Doran of Wells Fargo Real Estate Bank originated the construction loan.
Co-developed by Greystar, the residence at 770 Jackson Street is Completed in 2019. The property includes 424 multifamily units, nearly 25,000 square feet of commercial space and shuttle service to Hoboken Terminal.
Hotel amenities include fitness center, coffee cart, game room, kids playroom, rooftop patio with BBQ/fire pit area, pool, dog walking area, and pet spa. A supervisory agreement reserves 10 percent of units for residents earning 80 percent of the area’s median income.
Units are said to range from studios to three-bedrooms, with sizes ranging from 400 sq ft to 1,600 sq ft. apartment.com. Monthly rents start at $3,400 and go up to nearly $18,000.
Hoboken is considered part of North Jersey and was recently named the country’s The most competitive rental market Via RentCafe. That market — which also includes Jersey City, Newark and Hackensack — topped the list, based on the number of days apartments are vacant, occupancy rates, number of potential tenants, percentage of tenants renewing leases and share of newly completed apartments.
Separately, in March, Wells Fargo refinanced the 340-unit Tribeca Pointe development in Battery Park City $139 million in loansof which $98 million is new debt; Rockrose Development owns the property.
— holden warner