Wells Fargo Provides $150M Construction Loan To Intercontinental Real Estate Corp For Mixed-use Development In Hoboken

Wells Fargo’s Multifamily Capital has provided a $150 million construction takeout loan to Intercontinental Real Estate Corp. for 7 Seventy House, a mixed-use development located at 700 Jackson St in Hoboken. The property boasts a range of amenities, including a resident lounge, fitness center, roof terrace, swimming pool, and commercial space. Additionally, a regulatory agreement has been put in place, ensuring that 10% of the units are designated for affordable housing. The loan terms include a five-year, fixed-rate term with three years of yield maintenance, allowing the sponsor prepayment flexibility.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $150,000,000
• Lender: Wells Fargo - Multifamily Capital - Shane Hogan & Andrew Cohen
• Landlord: Intercontinental Real Estate Corp
• Brokers: Robert Deignan, Dean Jewett & Siobhan Doran - Wells Fargo’s Real Estate Banking

Wells Fargo's Multifamily Capital team, represented by Shane Hogan and Andrew Cohen, facilitated the $150 million construction loan provided to Intercontinental Real Estate Corp for the mixed-use development known as 7 Seventy House. The transaction was supported by the expertise of brokers Robert Deignan, Dean Jewett, and Siobhan Doran from Wells Fargo's Real Estate Banking division. With the loan terms offering a five-year fixed-rate term and three years of yield maintenance, the sponsor has the flexibility for prepayment. This deal demonstrates Wells Fargo's commitment to supporting the development of mixed-use properties and affordable housing initiatives in Hoboken.