NEW YORK--(BUSINESS WIRE)--Angelo Gordon, a $28 billion alternative investment firm focused on credit and real estate investing, Prism Capital Partners and Parkwood Development Corp., today announced they have secured a $64 million loan from Bank OZK to finance the construction of the Wonder Lofts, an 89-unit luxury residential building in Hoboken, NJ.
The Wonder Lofts will feature prime retail space fronting Clinton Street, and over 10,000 square feet of indoor and outdoor amenity space including a state-of-the-art gym facility, pool, roof deck, party room, golf simulator, chef’s kitchen, and grill stations.
“This financing from Bank OZK allows us to move forward with the modernization of a classic former industrial site that is part of what makes Hoboken so historically significant,” said Daniel Rudin, Director, Angelo Gordon. “We are now fully capitalized for the project, and we are excited to have Bank OZK as part of that team.”
“Wonder Lofts is going to be a great project delivered in a market with nothing really like it for sale,” said Eugene Diaz, co-Founder of Prism Capital Partners. “Significant work has already been completed, and once the renovation is finished, the Wonder Lofts will offer an attractive and reasonably priced alternative in the Hoboken submarket on the doorstep of New York City.”
Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to commence in Q4 2018. In total, the Wonder Lofts will be comprised of five separate buildings and will retain a significant portion of the site’s original architecture.
CORE Group Marketing has been hired to lead sales and marketing efforts. The top-of-the-line architecture team is comprised of Minervini Vandermark, who is leading the exterior building renovations, and Workshop/APD, who is responsible for the interior layouts and design.
About Angelo Gordon
Angelo Gordon is a privately held limited partnership founded in November 1988. The firm currently manages approximately $28 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 450 employees, including nearly 170 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.
About Prism Capital
Since its inception in 2002, Prism has orchestrated the repositioning of a series of properties and projects, building on the combined 60-year wealth of real estate knowledge between its principal partners, Eugene R. Diaz and Edwin H. Cohen. The principals have a long and celebrated history of involvement in some of the largest transactions and most successful projects in the New Jersey suburban marketplace.
About Parkwood Development
Parkwood Development, founded by brothers Dan and Ted Winschuh, is a real estate development company that specializes in the development of high-quality, luxury residential projects in the New York City and New Jersey Gold Coast markets.