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.