HFF arranged a $35 million refinancing for The Metropolitan of Hoboken, a 128-unit apartment community in Hoboken, New Jersey.
HFF worked exclusively on behalf of the borrower, AEW Capital Management, L.P., to secure the three-year, fixed-rate loan through Capital One. AEW owns the property on behalf of one of its institutional clients.
The Metropolitan of Hoboken is located at 1300 Clinton and 1313 Grand Streets in uptown Hoboken. Completed in 2000, the apartments are 96 percent leased and consist of one-, two- and three-bedroom layouts.
The two-building community includes 2,000 s/f of ground floor retail and recently renovated amenities such as a fitness center, two resident lounges, parking garage, landscaped courtyard with picnic area, as well as free shuttle service to the PATH Hoboken train station.
The HFF team representing the borrower was led by managing director Jim Cadranell along with senior managing director Jon Mikula and associate director Samuel Seiden.
“Capital One provided very competitive pricing and maximum flexibility for AEW on this transaction. It was a pleasure to work with both of them on this financing,” said Cadranell.