Wells Fargo Provides $150M Permanent Loan for Hoboken Multifamily Project

HOBOKEN, N.J. — Wells Fargo has provided a $150 million permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. According to Apartments.com, the property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. Ten percent of the units are reserved for households earning 80 percent or less of the area median income. Shane Hogan and Andrew Cohen of Wells Fargo originated the loan, which was structured with a five-year term and  fixed interest rate, on behalf of the borrower, Boston-based Intercontinental Real Estate Corp. Wells Fargo also provided the original construction debt for the project, which this loan retires.