HFF worked on behalf of the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure the 10-year, fixed-rate loan with an undisclosed lender.
Steel Works is a five-story, 96.5 percent occupied property featuring a mix of studio, one- and two-bedroom units. it boasts amenities such as a pool, fitness center, resident clubroom, dog park, electric car charging stations and more.
The property, which is located at 1200 Frank E Rodgers Blvd. South, is within close access to the Harrison PATH Station.
Greg Nalbandian and Jim Candranell, both senior vice presidents at HFF, represented the borrower.
“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. “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.”