Holliday Fenoglio Fowler, L.P. (HFF) announced $70 million in financing for Steel Works, a recently completed, 286-unit apartment community in Harrison, New Jersey.
The HFF team worked exclusively on behalf of the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure the 10-year, fixed-rate loan with an institutional lender.
Loan proceeds were used to retire existing construction financing.
Steel Works (pictured top) is located at 1200 Frank E. Rodgers Boulevard South less than a quarter of a mile from the Harrison PATH Station, which provides commuters access to the World Trade Center in Lower Manhattan in approximately 20 minutes.
Completed in 2017, the five-story, 96.5 percent occupied property consists of a mix of studio, one- and two-bedroom floor plans.
The community’s common area amenities include an outdoor swimming pool with sundeck, state-of-the-art fitness center with spin room, resident clubroom, dog park and electric car charging stations.
The HFF debt placement team representing the borrower consisted of senior managing directors Greg Nalbandian and Jim Cadranell.
“Steel Works represents the first Class A apartment project completed by the first class development team of Advance and DeBartolo within the Riverbend District, a 35-acre site that will ultimately deliver 3,000 luxury apartments and 100,000 s/f of retail,” Nalbandian said.
“There was significant interest to finance this project and we were successful in arranging a very aggressive fixed-rate loan with a heavy interest-only period for our client.”