The basics:

• West Elm-anchored property in Hoboken secures $21.12M refinancing
• CBRE arranged loan for 42,205-square-foot mixed-use asset
• Lincoln Financial provided fixed-rate financing
• Hoboken Connect advances with opening of Hudson Place

West Elm Hoboken refinancing

A mixed-use office and retail property anchored by contemporary home furnishings brand West Elm secured refinancing in Hoboken.

CBRE arranged the $21.12 million loan for the 42,205-square-foot property located at 1420 Willow Ave. According to a June 15 announcement, Lincoln Financial provided a fixed-rate loan to the unnamed owner.

The refinancing highlights continued investor confidence in the Mile Square City, as Hoboken Connect reaches another milestone with the opening of Hudson Place.

Senior Vice President Matthew Pizzolato, Senior Associates Josh Stein and Carlos Silva in addition to Vice Chairman Jason Gaccione and Shawn Rosenthal, Vice President Jake Salkovitz, and Senior Analysts Justin Helbling and Lauren Weinstein led the CBRE team that facilitated the loan on behalf of the borrower.

Pizzolato said Lincoln offered the most competitive terms. “And we continue to see strong interest from lenders for well-located, mixed-use projects, such as this, with a diverse rent roll,” he added.

West Elm officially opened doors in Hoboken in 2017. At the time, executives pointed to the city’s “burgeoning waterfront and proximity to New York City,” saying it hoped to contribute to the North End neighborhood’s continued growth. Local firm Bijou Properties developed the property. The work converted a two-story warehouse into the current office and retail space, Jersey Digs previously reported.

In addition to West Elm, Gravity Vault also occupies commercial space at the building. The indoor rock climbing business brings a bit of experiential activity into the mix.

Beyond the ground-level retail, CBRE said medical and healthcare tenants primarily lease the upper floors’ office space at 1420 Willow Ave.

CBRE described the surrounding area around as a growing section of Hoboken. It referenced several large-scale redevelopment projects as supporting local long-term value.

Hoboken Connect debuts Hudson Place

Meanwhile on the other side of town, Hoboken Connect celebrated the debut of Hudson Place.

LCOR, NJ Transit and other government officials came together Monday to cut the ribbon on the woonerf — a Dutch term for “living street” — within the Hoboken Terminal redevelopment area. The “living street” concept introduces a shared space. It includes cars, but encourages full use of streets by people on the ground, pedestrians, etc.

The reimagined city gateway also contributes to the ongoing transformation of the Hoboken waterfront. According to the LCOR, Hudson Place will prioritize non-motorized mobility while expanding open space and enhancing resiliency. The thoroughfare also establishes an essential link between the city and the regional NJ Transit transportation hub.

LCOR Senior Vice President Brian Barry described the June 15 milestone as an important step toward creating a more accessible neighborhood.

“Hudson Place demonstrates how thoughtful investment in public infrastructure can strengthen both connectivity and quality of life within a community,” Barry said.

‘Hoboken is thriving’

NJ Transit President and CEO Kris Kolluri said the new space and larger Hoboken Connect project exemplify the kind of public-private partnership the agency’s LAND Plan is all about. Revealed last year, the $1.98 billion initiative seeks to monetize NJ Transit’s vast real estate portfolio to help boost non-fare revenue.

Other advances at Hoboken Connect include upgrades to Hoboken Bus Terminal, Ferry Terminal Building and Warrington Plaza. LCOR said the collective investments represent approximately $450 million in the waterfront. That figure includes $176 million in state funding from the New Jersey Debt Defeasance Fund.

Construction is also underway on Charlie. The 27-story mixed-use residential tower will deliver 386 apartments, with a 20% affordable housing component. The building will also feature ground-floor retail. LCOR says when Charlie debuts – anticipated in 2027 – it will establish the largest 100% electric residential residence in New Jersey.

Serhant New Development will serve as exclusive leasing and marketing partner, LCOR said.

Upon the release of its Fiscal Year 2025 Economic Trend Data, Hoboken Business Alliance President James Runkle summed up the dynamics at play, “The data reflects what we see and hear every day — Hoboken is thriving.”

According to reports on the analysis, office leasing hit 83% in FY2025, expanding by more than 350,000 square feet. Hoboken has attracted many banner company bases in years, such as Hain Celestial and Unilever.

The HBA data also noted retail occupancy increased by 53,250 square feet to reach 89%.