The HFF team worked exclusively on behalf of the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure the 10-year, fixed-rate loan with an institutional lender. Loan proceeds were used to retire existing construction financing.
Steel Works is located less than a quarter of a mile from the Harrison PATH Station.
Completed in 2017, the five-story, 96.5-percent-occupied property consists of a mix of studio, one- and two-bedroom floor plans featuring stainless steel appliances, designer cabinetry, nine-foot ceilings, custom closets, in-unit washers and dryers, hardwired sound systems and private balconies.
Additionally, the community’s common area amenities include an outdoor swimming pool with sundeck, state-of-the-art fitness center with spin room, resident clubroom, dog park and electric car charging stations.
The HFF debt placement team representing the borrower consisted of Senior Managing Directors Greg Nalbandian and Jim Cadranell.
“Steel Works represents the first Class A apartment project completed by the first class development team of Advance and DeBartolo within the Riverbend District, a 35-acre site that will ultimately deliver 3,000 luxury apartments and 100,000 square feet of retail,” Nalbandian said in a release. “There was significant interest to finance this project and we were successful in arranging a very aggressive fixed-rate loan with a heavy interest-only period for our client.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.