Northwestern Mutual Real Estate has provided $170 million in financing for the newly-completed 70 Columbus, a 545-unit, Class A apartment tower in Jersey City, New Jersey.
The 10-year, fixed-rate loan replaces existing construction financing, according to HFF, which arranged the deal exclusively on behalf of Ironstate Development and Panepinto Properties.
“Northwestern Mutual addressed the borrowers’ desire to lock the interest rate early in the process and did a great job committing and closing the loan,” said HFF senior managing director Thomas Didio, in a statement.
The financing follows recent news that Northwestern Mutual has provided $563.5 million to TIAA for the refinancing of three office properties in Boston, Massachusetts, Washington, DC, and Miami, Florida; the largest being a 12-year, $216.5 million loan on The Newbry at 501 Boylston Street in Boston, a 10-story, 607, 685 sq ft office building.
The newly-built 50-story tower at 70 Christopher Columbus Drive is located at the intersection of Warren Street, within walking distance to the Hudson River waterfront and the Grove Street and Exchange Place PATH train stations.
Designed by Gwathmey, Siegel, Kaufman and Associates Architects, it has studio, one- and two-bedroom rental residences. Amenities include a 60,000 sq ft roof deck, a 30,000 sq ft fitness center with swimming pool.