HOBOKEN-Everybody's doing it – or at least those that can refinance while interest rates remain at record lows are refinancing them right now, it seems. In one of the latest examples, HFF arranged a $72 million remortgaging for The Vanguard, a two-building residential address in Ironstate Development's Shipyard development here.
HFF placed a new 10-year-fixed rate loan with a life insurance company lender that it did not identify.
Ironstate and its principals, Michael and David Barry, opened the first residential buildings at the waterfront Shipyard site in 1999. They have developed 10,000 residential and hotel units in New Jersey over the past several decades and remain as owners and managers of most of that portfolio.
Currently, the company is at work on approximately $1 billion of large-scale residential and hospitality projects, several of them in New York City.
The Vanguard, at 1201-1333 Hudson Street, has 33,000 square feet of ground-floor retail space anchored by a Kings Supermarket, with Rite Aid, Starbucks and TD Bank the other tenants. Its two towers with studio, one-, two- and three-bedroom units averaging 1,046 square feet each are fully leased.
The property provides shuttle service to and from the PATH stations nearby, as well as offering on-site ferry service to Midtown and downtown Manhattan.
The HFF team representing Ironstate Development was led by senior managing director Thomas Didio.
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