HOBOKEN, NJ-One of the buildings in Ironstate's Shipyard Complex here has gotten a new $60 million mortgage through Meridian Capital Group. The 12-year refinance loan carries a 3.6% fixed interest rate.
Given volatility in the treasury market, Ironstate was looking to lock in the lowest possible interest rate with alacrity in re-mortgaging its 13-story apartment tower called the South Independence, said David Cohen of Meridian.
The capital group had recently arranged financing for Ironstate's Berkshire at the Shipyard apartment building at the mixed-use development in downtown Hoboken.
Given Ironstate and The Shipyard's long-time high profile in Hoboken, Meridian was able to negotiate a locked-in competitive interest rate at application and flexible prepayment terms with an unidentified "balance-sheet lender," according to Cohen.
Meridian's Russ Drebin was Cohen's partner in representing Ironstate. Both are berthed in the company's Iselin office.
South Independence, located at Two 12th Street, is a 150-unit rental building with a 24-hour doorman, outdoor pool, fitness center, parking garage, dog run, children's play area, and bicycle racks. Shuttle bus service to the PATH train is available and there is an on-site ferry station.
The riverside Shipyard development contains more than 1,000 units. It was once the site of the Bethlehem Steel Company. Over the last 15 years Ironstate transformed the defunct shipyard with upscale buildings, retail, public parks, pedestrian walkways, and a marina.
The other rental properties in The Shipyard include the 185-unit North Independence, the 196-unit Vanguard, the 138-unit North Constitution, the 258-unit South Sovereign, and the 293-unit Berkshire.
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