Wells Fargo’s Multifamily Capital has provided $150 million in financing to Intercontinental Real Estate Corp. for the construction takeout of 7 Seventy House, a market rate, mixed-use development located in Hoboken.
The property includes a full amenity package to include a resident lounge, fitness center, coffee car, leasing office, game room, children’s playroom, roof terrace with barbecue/fire pit areas, swimming pool, dog run, pet spa, bike storage and shuttle service to the Hoboken Terminal station. 7 Seventy House also includes 24,667 square feet of ground-level commercial space.
The property has a regulatory agreement that restricts 10% of the units at 80% of Area Median Income through the New Jersey Council on Affordable Housing.
The five-year, fixed-rate term with three years of yield maintenance provides the sponsor prepayment flexibility.
Shane Hogan and Andrew Cohen of Multifamily Capital arranged the financing on behalf of Wells Fargo. Robert Deignan, Dean Jewett and Siobhan Doran of Wells Fargo’s Real Estate Banking originated the construction loan on behalf of Intercontinental, of Boston.