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Hoboken’s Wonder Lofts Redevelopment Lands $120M Recap
Angelo, Gordon & Co. and Prism Capital Partners have joined forces on a $120-million recapitalization of the Wonder Lofts redevelopment in Hoboken, NJ. Parkwood Development Corp., which initiated the project to redevelop a Wonder Bread factory in 2012, will retain an ownership stake.
“As the Manhattan and Brooklyn markets have become less affordable over the past decade, Hoboken’s appeal as an alternative to these neighborhoods has significantly increased,” said Daniel Rudin, director at Angelo, Gordon.
Plans call for the 109-year-old industrial facility to be repurposed into 89 luxury apartments. Approvals are in place, and nearly all demolition and construction prep has been completed. Prism will also hold an ownership stake, and will be responsible for completion of the project.
For comments, questions or concerns, please contact Paul Bubny
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