A retail complex in a rapidly changing area of northwest Hoboken has secured fresh financing just about a decade after finishing construction.
CBRE has announced $21.12 million in financing for a 42,205 square foot mixed-use office and retail property located at 1420 Willow Avenue. Lincoln Financial provided a fixed-rate loan to the owner, with the CBRE team being led by Matthew Pizzolato, Josh Stein, and Carlos Silva, in addition to Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Justin Helbling, and Lauren Weinstein.
The development was built by Bijou Properties in 2016, gutting an existing two-story warehouse, raising the height of the former structure from 25 feet to 59 feet. The project is one of several built by Bijou on the surrounding blocks.
“Congratulations to our client on a successful refinancing of a terrific asset,” said Pizzolato. “Lincoln ultimately stepped up with the most competitive terms, and we continue to see strong interest from lenders for well-located, mixed-use projects such as this with a diverse rent roll.”
The upper floors are leased to office tenants primarily in the medical and healthcare sector, while street-level retail at the building includes West Elm and Gravity Vault, an indoor rock-climbing facility. Hudson Table recently added a rooftop venue space to the property that sports a retractable roof.
The property is situated in a growing section of Hoboken near several large-scale redevelopment projects and across the street from a massive 729-unit, multi-building project from the Rockefeller Group that took a major step forward late last year.
