Construction underway at Hoboken Urby, a 16‑story, 345‑unit mixed‑use development at 256 Observer Highway in Hoboken.
256 Observer Highway, Hoboken, NJ, September 6, 2025
A $162 million senior construction loan has been approved to finance Hoboken Urby, a 16‑story, 418,332‑square‑foot Class A mixed‑use building at 256 Observer Highway. The project will deliver 345 apartments — 307 market‑rate and 38 affordable — with roughly 17,000–17,425 sq ft of street‑level retail, a 152‑space parking garage and a full suite of amenities including a café, speakeasy, fitness center, landscaped deck and rooftop dog run. BlueGate Partners led the capital execution for the developer affiliate, and vertical construction is already underway with completion expected within a few years.
PCCP has provided a $162 million senior construction loan to an affiliate of Ironstate Holdings to finance the ground‑up development of Hoboken Urby, a 16‑story, transit‑oriented, Class A mixed‑use building at 256 Observer Highway in southern Hoboken, New Jersey. The project covers roughly 1.1 acres and totals about 418,332 square feet. Construction has begun and the development is expected to be completed in early 2028.
The building will contain 345 residential units, including 307 market‑rate apartments and 38 affordable units. Unit types break down into 29 studios (8%), 220 one‑bedrooms (64%), 61 two‑bedrooms (18%), and 35 three‑bedrooms (10%). The development will also offer approximately 17,000–17,425 square feet of ground‑floor retail, which will include a café.
Planned resident amenities are extensive and built to Class A standards. On‑site features will include a café, a speakeasy, 24/7 concierge service, a landscaped amenity deck with BBQ grills, a fitness center, a rooftop dog run and a variety of open spaces. Most apartments will have modern finishes such as stainless steel appliances, engineered wood flooring, custom shelving, Terrazzo tile in bathrooms, walk‑in showers and electronic latch access control. A 152‑space parking garage is part of the project scope as reported.
The site sits at the corner of Observer Highway and Park Avenue, less than a quarter mile from the Hoboken PATH station and within a few blocks of Hoboken Terminal. PATH travel times from the nearby station include approximately 11 minutes to World Trade Center and 16 minutes to 33rd Street. NJ Transit commuter rail and ferry service to Manhattan are also within walking distance, and the property will be walkable to Hoboken’s primary retail thoroughfare on Washington Street.
The loan was approved for an affiliate of the owner and developer, Ironstate Holdings, and arranged by a team operating on behalf of the project sponsor and co‑developer. The execution team named in filings includes six members associated with the financing process. The loan is structured as a senior construction facility to fund the build‑out of the 16‑story tower and associated retail and parking.
Reports indicate construction started immediately and the project has moved beyond early site work into vertical construction. Anticipated completion is set for early 2028, depending on schedule and permitting variables common to urban construction.
Hoboken has experienced strong demand for rental housing amid a constrained supply of new development sites. The city’s pipeline has been described as bottlenecked over the past several years due to limited land availability and extended construction timelines. Nearby larger projects and high‑rise developments in the region reflect continued investment pressure and rising demand for transit‑connected housing.
The financing enables a sizeable, Class A multifamily development in a transit‑rich part of Hoboken that blends residential units, affordable housing set‑asides, retail and neighborhood amenities. The project adds both market‑rate and affordable stock in a jurisdiction that has seen population growth but limited new supply, and it reinforces the role of transit‑oriented development in the regional housing mix.
The site will become a 16‑story, 418,332‑square‑foot mixed‑use building called Hoboken Urby with 345 apartments and ground‑floor retail space.
A senior construction loan of $162 million was provided by PCCP to an affiliate of the development owner.
There will be 345 units total: 307 market‑rate units and 38 affordable units. The unit mix includes 29 studios, 220 one‑bedrooms, 61 two‑bedrooms and 35 three‑bedrooms.
Amenities are planned to include a café, speakeasy, concierge, fitness center, landscaped deck with grills, rooftop dog run and other shared spaces.
Reports indicate a 152‑space parking garage will be built as part of the development.
The site is under a quarter mile to the PATH station and a short walk to Hoboken Terminal, offering quick PATH trips to Manhattan and other regional transit options.
Construction began immediately and the schedule expects completion in early 2028, subject to construction progress and external factors.
| Feature | Detail |
|---|---|
| Lender | PCCP |
| Borrower / Owner | Affiliate of Ironstate Holdings |
| Address | 256 Observer Highway (corner of Observer Highway & Park Avenue), Hoboken, NJ |
| Site size | Approximately 1.1 acres |
| Building size | 418,332 square feet |
| Stories | 16 |
| Total units | 345 (307 market‑rate; 38 affordable) |
| Unit mix | 29 studios (8%), 220 one‑beds (64%), 61 two‑beds (18%), 35 three‑beds (10%) |
| Retail | ~17,000–17,425 sq ft (includes a café) |
| Parking | 152 spaces (reported) |
| Amenities | Café, speakeasy, concierge, fitness center, amenity deck with grills, rooftop dog run, open spaces |
| Transit | Under 0.25 mile to PATH; a few blocks to Hoboken Terminal; NJ Transit and ferries nearby |
| Loan amount | $162,000,000 senior construction loan |
| Construction timeline | Construction underway; completion expected early 2028 |
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