WASHINGTON, D.C. – January 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $10.85 million in acquisition financing for 204 Grand Street, a six-story, 30-unit boutique apartment property in downtown Hoboken, New Jersey.

The HFF team worked exclusively on behalf of the borrower, Spirit Bascom Ventures (“SBV”), to arrange the four-year, floating-rate loan with a one-year extension option through Citizens Bank.  Citizens’ Commercial Real Estate team provides project finance loans across various strategies and is focused on building long-term relationships with strong commercial real estate sponsors.  Citizens provides loans for multi-housing, office, retail, industrial and hospitality properties and lends on acquisition and refinancing opportunities, development, stabilized and value-add strategies, and on a bridge and term basis.  204 Grand Street is SBV’s second acquisition in Hoboken in the last six months, including the closing of 1024 Clinton Street in July 2018.

204 Grand Street is located in the south end of Hoboken near numerous restaurants, bars and shops and less than half of a mile from the Hoboken PATH station, which has earned it a Walk Score® of 98.  Originally constructed in 2000, the property consists of five one-bedroom and 25 two-bedroom units.  Half of the homes have either a balcony or patio and the front facing units on the upper floors provide expansive views of New York City’s skyline.  The property, which was fully occupied at closing, also includes a 24-space parking garage plus two motorcycle parking spaces.

The HFF debt placement team representing the borrower included senior director Jamie Leachman, director Drake Greer and managing director Michael Klein.

“This acquisition fits perfectly within SBV’s urban acquisition strategy of taking highly occupied, well-located properties that offer tenants a high-quality, boutique living experience in submarkets that offer attractive relative affordability,” Leachman said.  “Citizens stood out in a competitive marketing process providing the borrower the necessary structure and flexibility to execute their business plan.”