UPDATED May 9, 8:25 a.m.: Intercontinental Real Estate received a fresh infusion of financing for its luxury development in Hoboken.
Wells Fargo provided a $150 million construction takeout for 7 Seventy House, ROI-NJ reported. A takeout is essentially a permanent loan that can be used to replace a short-term construction loan.
The loan is for five years at a fixed rate with three years of yield maintenance. Wells Fargo’s Shane Hogan and Andrew Cohen represented the bank in the transaction, while a team including Dean Jewett and Siobhan Doran of Wells Fargo’s Real Estate Banking originated the construction loan.
The residence at 770 Jackson Street — developed in a joint venture with Bijou Properties — was completed in 2019. The property includes 424 multifamily units, nearly 25,000 square feet of commercial space and a shuttle service to the Hoboken Terminal station.
Amenities at the property include a fitness center, coffee car, game room, children’s playroom, roof terrace with barbecue/fire pit areas, swimming pool, dog run and pet spa. A regulatory agreement sets aside 10 percent of the units for residents making 80 percent of the area median income.
Units range from studios to three-bedrooms and from 400 to 1,600 square feet, according to Apartments.com. Monthly rents start at $3,400 and go up to nearly $18,000.
Hoboken is considered part of North Jersey, recently named the country’s most competitive rental market by RentCafe. The market — which also includes Jersey City, Newark and Hackensack — topped the rankings, which were based on the number of days apartments stay vacant, occupancy rates, volume of prospective renters, percentage of renters who renew leases and the share of newly completed apartments.
Separately, in March, Wells Fargo refinanced the 340-unit Tribeca Pointe development in Battery Park City with a $139 million loan, $98 million of which was new debt; Rockrose Development owns the property.
— Holden Walter-Warner
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Correction: A previous version of this article said the 7 Seventy House was co-developed with Greystar. The property was developed in a joint venture with Bijou Properties.