PCCP Provides $162 Million Construction Loan For 345-Unit Hoboken Urby Development Project

The property asset involved in the transaction is a development site located at 256 Observer Highway in Hoboken. The site spans 1.1 acres and encompasses a mixed-use project consisting of 345 residential units, alongside 17,000 square feet of retail space and 38 affordable housing units. The loan amount associated with this project is $162,000,000, designated for construction financing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $162,000,000
• Address: 256 Observer Highway
• Market: Hoboken
• Asset Size: 1.1 acres
• Lender: PCCP
• Landlord: David Barry - Urby
• Loan Type: Construction
• Units: 345 residential, 38 affordable
• Retail Space: 17,000 square feet
• Construction Start Date: August 2025
• Expected Completion: Early 2028

PCCP provided the senior financing for the 345-unit Hoboken Urby project that is being developed by David Barry. This financing will support the construction activities, which commenced this month. The project aims to offer a blend of residential and retail spaces in the Hoboken market.