Ironstate Development and Panepinto Properties has been awarded $170 million in financing for a newly completed Class A apartment tower in Jersey City, New Jersey. The 10-year, fixed-rate instrument from Northwestern Mutual Real Estate was arranged by Holliday Fenoglio Fowler. Loan proceeds were used to replace existing construction financing. The collateral, 70 Columbus, is a 545 unit 50 story tower located at 70 Christopher Columbus Drive, and is within walking distance of the Hudson River waterfront. Designed by Gwathmey, Siegel, Kaufman and Associates Architects, the property features one and two bedroom rental residences with panoramic views of the New York skyline.
