Wells Fargo’s Multifamily Capital has provided $150 million in financing to Intercontinental Real Estate Corporation for the construction take-out of 7 Seventy House, a mixed-use development located in Hoboken, NJ.  

The development includes market-rate apartments and has a regulatory agreement that restricts 10% of the units to 80% of the area median income through the New Jersey Council on Affordable Housing. The development also includes 24,667 square feet of ground-level commercial space and a full amenity package, such as a resident lounge, fitness center, coffee car, game room, children’s playroom, roof terrace, swimming pool, bike storage, and shuttle service to the Hoboken Terminal station.  

The financing was arranged by Shane Hogan and Andrew Cohen of Multifamily Capital on behalf of Wells Fargo, while the construction loan was originated by Robert Deignan, Dean Jewett, and Siobhan Doran of Wells Fargo’s Real Estate Banking on behalf of Intercontinental of Boston, MA.