A new luxury residential building is going up in Hoboken after the New Jersey project secured a $64 million construction loan from Bank OZK. Called the Wonder Lofts, the project is being organized by real estate investors including Angelo Gordon, Prism Capital Partners and Parkwood Development Corp. When completed, the building will have 89 residential units as well as retail space on Hoboken’s popular Clinton Street. The complex will also include a gym, pool, party room, roof deck, grill station and chef’s kitchen as part of 10,000 square feet in amenity space.
The project will be constructed on a former industrial site in the city on the Hudson River. Construction and real estate projects in Hoboken have found a strong market with the city’s proximity and ease of access to Manhattan as well as its historic buildings and prime retail and dining locations. As a result of the construction loan, the developers announced that the project is fully capitalized, allowing work to be completed. The former industrial site has already been the location of ongoing work to prepare for its renovation into a modern, luxurious residential property. The developers have already completed interior demolition at the property.
The construction of the main building will begin in late 2018; once the project is complete, it will include five separate buildings. The overall appearance will feature much of the original exterior architecture of the historic industrial location. A number of subcontractors have been engaged in the development, including interior and exterior architects, renovators, builders and marketers.
Bringing a major construction project to fruition can involve extensive documentation and an array of contracts with different partners, vendors and stakeholders. New Jersey construction contract lawyers may help builders prepare these documents and work to resolve disputes that emerge from budget, timing or quality issues through negotiation or litigation.