One of the larger redevelopment efforts along Hoboken’s southern border has snagged a sizable loan as construction at Hoboken Urby hums along.
BlueGate Partners, on behalf of Urby and Ironstate Holdings, has secured $162 million in construction financing for the Hoboken Urby, a mixed-use residential project at 256 Observer Highway.
Jersey Digs was the first outlet to break the news about the project way back in 2021, which is situated at 256 Observer Highway at the former public works garage site.
Construction began on the project earlier this summer. The 16-story development will feature 307 market-rate apartments plus 38 affordable units complemented by 17,425 square feet of retail space that includes a signature café and a 152-space parking garage.
“Hoboken Urby will redefine the residential experience in Hoboken, blending innovative design, high-quality finishes, and state-of-the-art amenities with unmatched connectivity to Manhattan,” said Mark DeLillo, Managing Partner at BlueGate Partners. Commercial real estate finance firm PCCP provided the senior construction loan.
Residents at the Hoboken spin on Urby will get access to amenities including extensive fitness facilities, communal vegetable gardens, and work-from-home spaces.
The development’s residences will sport oversized windows, keyless entry, and modern interiors designed by Shawn Hausman Design, known for their work on The Standard Hotels chain.
The BlueGate execution team included Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis, and Jeremy Silber. Hoboken Urby is scheduled to open during the summer of 2027.
Ironstate is one of Hoboken’s most prolific developers, with the company building out much of the city’s waterfront during its revitalization. They own nine assets totaling 1,847 residential units that they manage, along with an additional 1,697 units under the company’s umbrella in Downtown Jersey City.
