HOBOKEN, NJ–HFF has arranged an $80 million refinancing for North Independence at The Shipyard, a 185-unit apartment building at Ironstate Development‘s community here.
HFF placed the 12-year, fixed-rate loan with a life insurance company, but declined to disclose further details Tuesday.
Last year, HFF had orchestrated a $72 million refinancing for The Vanguard at The Shipyard, a 196-unit building with ground-floor retai. That loan was also placed with a life insurance company.
The Shipyard is a Hudson riverside development set directly across from midtown Manhattan. It consists of five multi-family communities that share amenities, retail shops, a one-acre park, ferry stop and marina on the Hudson River.
The amenities include a fitness center, outdoor pools, residents lounge, indoor and outdoor child play areas and garage parking.
North Independence has one-, two- and three-bedroom units averaging 1,174 square feet. The property is 95% leased.
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio and associate director Samuel Seiden.
“We are pleased we were able to secure a favorable interest rate for such a quality borrower and property,” said Didio.
Ironstate – formerly known as Applied Properties – is currently at work on development of more than $1 billion worth of residential, hotel and mixed-use projects in New Jersey and New York.