Ironstate Development landed a fundraising plan totaling $ 90.5 million for The Vanguard and North Independence, two luxury communities encompassing 381 units in Hoboken, NJ JLL arranged the rating of an insurance company. McCarter & English acted as legal counsel for the lender, according to Law360.com.
The Vanguard received an $ 84 million mortgage that carries a fixed interest rate over a 10-year term. The new note will replace a $ 72 million 10-year loan from HFF in 2013, says Yardi Matrix. Located on 3 acres at 1201 Hudson St., the 11 story building was completed in 1998. The mix of units includes studios, one and two bedroom apartments.
North Independence received an additional loan of $ 6.5 million. At the time of closing, the asset was also encumbered with a 12-year, $ 80 million mortgage provided by State Farm in 2014, according to the same data provider. Built in 2005, the 13-story property occupies one acre at 1 Independence Court. The community has one to three bedroom floor plans.
Both properties have recently renovated apartments with built-in washers and dryers. The amenity package for both communities includes outdoor pools, fitness studios, and children’s play areas. Located near the Hudson River, the buildings are four miles northwest of Lower Manhattan.
The JLL team that assisted the borrower included Senior Managing Director Thomas Didio and Directors Thomas Didio Jr. and Max Custer. Last August, Didio was part of the team that arranged a loan of 116 million dollars for a mixed-use project in Montvale, NJ