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Ironstate, Panepinto land $155M loan for second Jersey City apartment tower

Holliday Fenoglio Fowler, L.P. secured $155.83 million in financing for the development of 90 Columbus, a 539-unit, 50-story, Class A apartment tower in Jersey City, New Jersey.

HFF worked exclusively on behalf of Ironstate Development and Panepinto Properties, Inc. to secure the construction loan through a national commercial bank.

The transaction follows the announcement of permanent financing that HFF procured for the adjacent 50-story apartment tower at 70 Columbus in March 2016 through Northwestern Mutual Real Estate.

90 Columbus is positioned at the corner of Marin Boulevard and Steuben Street in Jersey City’s Grove Street District.

The property is part of a multi-phase development, which also includes the 400-unit, Costas Kondylis-designed 50 Columbus apartment building; 50-story, luxury residential tower 70 Columbus; soon-to-be-completed, 152-room Marriott Residence Inn at 80 Columbus; and on-site shared parking.

70-90 Columbus rendering
70-90 Columbus rendering

Due for completion in 18 months, 90 Columbus will feature studio, one- two- and three-bedroom luxury residences averaging 789 square feet each.

The property will include 7,500 s/f of indoor amenity space featuring a swimming pool, grilling areas, indoor and outdoor children’s play areas, dog run, sport court, table tennis room, library and Wi-Fi lounges. Residents will also have access to the amenity package at 50-70 Columbus, including membership at the 30,000-square-foot BASE Fitness.

90 Columbus shares its design, conceptualized by world-renowned architecture firm Gwathmey, Siegel, Kaufman and Associates (GSKA), with neighboring 70 Columbus.

The transit-oriented property will include on-site access to the Grove Street PATH Station providing direct access into downtown Manhattan, as well as a 15,000 s/f grocer on its ground floor.

Surrounded by the Paulus Hook, Newport and Power House neighborhoods, 90 Columbus will offer expansive views of the Manhattan skyline, Hudson River, Statue of Liberty and New York Harbor.

The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.

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