Jersey City Apartments Get $170M Financing

Ironstate Development and Panepinto Properties have obtained $170 million in financing for their just completed 70 Columbus, a Class A, 545-unit apartment tower in Jersey City, NJ. Holliday Fenoglio Fowler LP aided the borrowers in securing the 10-year, fixed-rate loan through Northwestern Mutual Real Estate. Thomas Didio led the HFF debt placement team in securing the loan.

Loan proceeds were used to replace existing construction financing. Ironstate Development launched construction on the project in 2013. The apartment tower is part of a 1.2-million-square-foot, mixed-use development, consisting of two apartment towers and ground-floor retail. Construction has already begun on the $170 million, 539-unit 90 Columbus.