Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $60 million mortgage for the refinancing of the South Independence at The Shipyard multifamily property located in Hoboken, NJ on behalf of South Independence Associates, LP, an affiliate of Ironstate Holdings, LLC.
The 12-year loan features a competitive fixed-rate of 3.63% and was provided by a balance sheet lender. This transaction was negotiated by Meridian Capital Group Senior Vice Presidents, Russ Drebin and David Cohen, who are both located in the Company’s Iselin, NJ office.
South Independence at The Shipyard is a 13-story, 173,576 square foot multifamily property located at Two 12th Street and contains 150 luxury apartments and state-of-the-art amenities including a 24-hour doorman, outdoor pool, fitness center, parking garage, dog run, children’s play area, and bicycle racks. Tenants also benefit from easy access to transportation with a shuttle to the PATH train and on-site ferry service to Downtown and Midtown Manhattan.
The subject property is part of The Shipyard development, a residential and retail community containing more than 1,000 units located on the Hudson River in the northern section of Hoboken. Formerly the site of the Bethlehem Steel Company, Ironstate transformed a defunct shipyard into a vibrant mixed-use community by integrating the area’s industrial traditions with signature architecture, 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.
“Given the volatility of the treasury market, Ironstate was seeking to minimize interest rate risk as quickly as possible. Meridian had previously arranged financing for Ironstate’s Berkshire at the Shipyard property within The Shipyard development and was able to leverage the lender’s familiarity with the borrower and in-depth knowledge of the development to provide favorable balance sheet loan terms on an expedited basis. In addition, Meridian helped the borrower manage interest rate risk by rate locking a competitive interest rate at application and tailoring flexible prepayment terms,” said Mr. Cohen. “Working with the talented team at Ironstate has been a true pleasure, and we look forward to continuing our partnership as this dynamic company continues to develop their unique brand of class-A developments,” he added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com