HFF has arranged a $72 million refinancing for The Vanguard, a 196-unit, luxury multi-family property with 37,818 s/f of ground floor retail in Hoboken, New Jersey.
Working on behalf of Ironstate Development, HFF placed the 10-year, fixed-rate loan with a life company correspondent lender. Loan proceeds are refinancing an existing loan on the property.
The Vanguard is located at 1201-1333 Hudson Street in the Shipyard mixed-use development along the Hudson River across from midtown Manhattan.
The fully-leased property consists of two towers with studio, one-, two- and three-bedroom units averaging 1,046 square feet each.
The property’s ground floor retail space is anchored by Kings Supermarket. Other retail tenants include Rite Aid, Starbucks and TD Bank.
The property also provides a shuttle service to/from the PATH station as well as on-site ferry service to midtown and downtown Manhattan.
The HFF team representing Ironstate Development was led by senior managing director Thomas Didio.
Ironstate and its principals, Michael and David Barry, have developed 10,000 residential and hotel units over the past several decades, still owning and managing the majority of that portfolio.
The company is presently engaged in the development of approximately $1 billion of large-scale residential and hospitality projects.