New York & Tri-State + Tri-State + Finance | January 15, 2019

HFF Arranges Take-out Loan for Multifamily Near Harrison PATH

HFF has arranged $70 million in financing for Steel Works, a recently-completed, 286-unit apartment community in Harrison, NJ near the recently-redeveloped PATH station. The firm’s Greg Nalbandian and Jim Cadranell worked on behalf of a joint venture between Advance Realty and DeBartolo Development.

An institutional lender provided the 10-year, fixed-rate loan. Proceeds were used to retire existing construction financing.

“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 square feet 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.”

Completed in 2017, Steel Works contains a mix of studio, one and two-bedroom floor plans. It’s 96.5% occupied.

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With HFF's Nalbandian and Candranell

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).