HFF Arranges $156 Million Financing for Jersey City Luxury Apartment Tower

Rendering of 90 Columbus, Jersey City, NJ

JERSEY CITY, NJ— Holliday Fenoglio Fowler secured $155.83 million in financing for the development of 90 Columbus , a 539-unit, 50-story, class A apartment tower in Jersey City, NJ, being built by Ironstate Development and Panepinto Properties . HFF secured the construction loan through a national commercial bank it did not identify.  The transaction follows the announcement of permanent financing that HFF procured for the adjacent 50-story apartment tower at 70 Columbus in March 2016 through Northwestern Mutual Real Estate . 90 Columbus is positioned at the corner of Marin Boulevard and Steuben Street in Jersey City’s Grove Street District .  The property is part of a multi-phase development, which also includes the 400-unit, Costas Kondylis- designed 50 Columbus apartment building; a 50-story, luxury residential tower, 70 Columbus ; soon-to-be-completed, a 152-room Marriott Residence Inn at 80 Columbus ; and on-site shared parking. Due for completion in 18 months, 90 Columbus will feature studio, one- two- and three-bedroom luxury residences averaging 789 square feet each.  The property will include 7,500 square feet of indoor amenity space featuring a swimming pool, grilling areas, indoor and outdoor children’s play areas, dog run, sport court, table tennis room, library and Wi-Fi lounges.  Residents will also have access to the amenity package at 50-70 Columbus , including membership at the 30,000-square-foot BASE Fitness . 90 Columbus shares its design by architecture firm Gwathmey, Siegel, Kaufman and Associates with neighboring 70 Columbus .  The transit-oriented property will include on-site access to the Grove Street PATH Station providing direct access into downtown Manhattan, as well as a 15,000-square-foot grocer on its ground floor.  Surrounded by the Paulus Hook, Newport and Power House neighborhoods, 90 Columbus will offer expansive views of the Manhattan skyline, Hudson River, Statue of Liberty and New York Harbor. The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio. Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.