January 28, 2016
BlueGate Arranges $110 Million Financing for The Sovereign at the Shipyard
BlueGate Partners, LLC (“BlueGate”) arranged a $110 million senior financing note Union Bank for Ironstate Development’s Sovereign at the Shipyard in Hoboken, New Jersey. The property is a 258-unit trophy apartment building located in the epicenter of New Jersey’s Gold Coast. The Sovereign is part of The Shipyard, a planned urban development nestled directly on the Hudson River waterfront in the northeast corner of Hoboken. In total, The Shipyard includes six properties totaling over 1,100 units and approximately 60,000 square feet of retail space.
Completed in 2006, the Sovereign is widely considered one the most prestigious addresses on New Jersey’s Gold Coast. The Sovereign offers sweeping views of the Hudson River, New York Harbor and the Manhattan Skyline. Residents have access to an impressive array of on-site amenities, including a NY Waterway ferry terminal which services Midtown and Downtown Manhattan, a fabulous waterfront park and promenade, a state-of-the-art fitness center, a resort-style rooftop pool and sundeck and a children’s play area. The Shipyard also offers a variety of retail conveniences, including Starbucks, Fresh Ideas by Kings Supermarket, a wine store and several trendy restaurants. Of course, Hoboken’s myriad of boutique shops, restaurants, bakeries, bars and waterfront parks are just steps away, creating one of the most coveted residential neighborhoods in the New York metro area.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.