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New York & Tri-State  + Tri-State  + Finance  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

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