Pillar Originates $59.4 Million Freddie Mac Loan To Refinance A “Class A” Multifamily Property On The Waterfront In Hoboken, New Jersey

Multifamily Property on the Waterfront in Hoboken
New York (January 19, 2017) – Pillar, an industry leader of financing solutions for affordable and market rate multifamily and healthcare properties recently acquired by SunTrust Bank, a subsidiary of SunTrust Banks, Inc. (NYSE:STI), announced today that it has 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, New Jersey 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 The Shipyard development, a waterfront development community that includes seven apartment complexes, retail and parking developed by Ironstate Holding Company, LLC. Ironstate is one of the premier developers and managers of multifamily assets in the Northeast.

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 (LTV). The sponsors are Michael and David Barry of Hoboken-based Ironstate Holding Company, LLC. Pillar closed the transaction in December 2016.

“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 Michael Barry, CEO of Iron state Holding Company, LLC. “We look forward to closing more loans with Pillar in the near future.”

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