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.”
HOBOKEN, NJ—Pillar, an affordable and market rate multifamily and healthcare properties financing firm recently acquired by
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
“This was a complex transaction, but we were pleased with the terms and the execution provided by Pillar who worked diligently to close the
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
