NEW YORK, NY - Angelo Gordon, a $28 billion alternative investment firm focused on credit and real estate investing, Prism Capital Partners and Parkwood Development Corp., announced they have secured a $64 million loan from Bank OZK to finance the construction of the Wonder Lofts, an 89-unit luxury residential building in Hoboken, NJ.
The Wonder Lofts will feature prime retail space fronting Clinton Street, and over 10,000 square feet of indoor and outdoor amenity space including a state-of-the-art gym facility, pool, roof deck, party room, golf simulator, chef’s kitchen, and grill stations.
“This financing from Bank OZK allows us to move forward with the modernization of a classic former industrial site that is part of what makes Hoboken so historically significant,” said Daniel Rudin, Director, Angelo Gordon. “We are now fully capitalized for the project, and we are excited to have Bank OZK as part of that team.”
“Wonder Lofts is going to be a great project delivered in a market with nothing really like it for sale,” said Eugene Diaz, co-Founder of Prism Capital Partners. “Significant work has already been completed, and once the renovation is finished, the Wonder Lofts will offer an attractive and reasonably priced alternative in the Hoboken submarket on the doorstep of New York City.”
Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to commence in Q4 2018. In total, the Wonder Lofts will be comprised of five separate buildings and will retain a significant portion of the site’s original architecture.
CORE Group Marketing has been hired to lead sales and marketing efforts. The top-of-the-line architecture team is comprised of Minervini Vandermark, who is leading the exterior building renovations, and Workshop/APD, who is responsible for the interior layouts and design.