Construction is underway on 90 Columbus, the final tower of Ironstate Development and Panepinto Properties Inc.’s multi-phase Columbus Drive development project in Jersey City, New Jersey. The project is designed to embrace modern urbanism and connect the city’s financial district and waterfront with the vibrant Grove Street historic area. The 50-story, 539-unit, luxury apartment tower at 90 Columbus is the fourth tower in the iconic development, following the already-completed residential buildings at 50 and 70 Columbus, the over 900-space parking garage, and the 152-room Marriott Residence Inn at 80 Columbus, which is currently under construction and expected to open this winter. Ground broke on 90 Columbus earlier in 2016, and completion is expected in October 2018.
A team of Gibbons attorneys led by Russell B. Bershad, co-chair of the Gibbons Real Property & Environmental Department, has represented the Ironstate and Panepinto joint venture on the Columbus project since its inception. Shortly after closing on a $170 million permanent financing on 70 Columbus, the Gibbons team completed the $155 million construction financing on 90 Columbus in June 2016. Gibbons also served as counsel in connection with the EB-5 equity investment component for 90 Columbus, supplied through the EB-5 immigration program, which allows issuance of visas to foreign investors in job-creating domestic projects. Gibbons structured the venture between the EB-5 equity investors and the 90 Columbus developer to ensure successful closing of the construction loan. The Gibbons team also completed a $16 million term loan monetizing the income stream derived from the sale of a $28 million Urban Transit Hub Tax Credit (UTHTC) grant awarded to the 70 Columbus project.
The project’s two completed residential buildings, 50 and 70 Columbus, have attracted strong interest from individuals looking to enjoy the vibrancy of Jersey City and have close proximity to New York City. The buildings include such sought-after features as swimming pools, recreation areas, rooftop decks, and ground level retail options. The Columbus development also provides a unique asset to the community, interconnecting the towers to the Grove Street PATH Station, making it a cutting-edge urban transit development.