BlueGate Partners has been retained on an exclusive basis to arrange for the senior financing of the Sovereign at the Shipyard (the “Property” or the “Sovereign”), 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. The Sponsor is seeking a $110 million senior loan for the Property.