North Constitution at the Shipyard, Hoboken, NJ
HOBOKEN, NJ—Pillar, an affordable and market rate multifamily and healthcare properties financing firm recently acquired by SunTrust Bank, originated a $59.4 million Freddie Mac loan to refinance The North Constitution at The Shipyard.
The North Constitution, built in 1999, is a 14-story, 138-unit “class A” multifamily property with ground floor retail space. The property is located on the waterfront in Hoboken, NJ, and features one-, two- and three-bedroom apartments with waterfront views of the Hudson, as well as high-end amenities such as a waterfront park, elevated courtyard, state-of-the-art fitness center and parking garage.
The North Constitution is part of a waterfront development community that includes seven apartment complexes, retail and parking developed by Ironstate Holding Company.
Jessica McGuire, vice president in Pillar’s New York office, originated the fixed-rate, 10-year term loan with a 30-year amortization schedule and a 60 percent loan-to-value. The sponsors are Michael and David Barry of Hoboken-based Ironstate. Pillar closed the transaction in December.
“This was a complex transaction, but we were pleased with the terms and the execution provided by Pillar who worked diligently to close the Freddie Mac loan for our property,” said Barry, CEO of Ironstate. “We look forward to closing more loans with Pillar in the near future.”