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.
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