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.”