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.
A $162 million senior construction loan has been approved by PCCP to finance a new ground‑up, mixed‑use development in southern Hoboken. The loan was made to an affiliate of Ironstate Holdings and was secured through BlueGate Partners on behalf of Urby and the Ironstate affiliate. The project, known as Hoboken Urby, is a 16‑story, 418,332‑square‑foot transit‑oriented development planned at 256 Observer Highway.
The financing is a senior construction facility intended to support vertical construction on a roughly 1.1‑acre site at the intersection of Observer Highway and Park Avenue. BlueGate Partners arranged the deal and the named members of the BlueGate execution team include Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis and Jeremy Silber.
Hoboken Urby will deliver 345 residential units across 16 stories. The unit mix consists of 307 market‑rate apartments and 38 affordable units. By type, the breakdown is 29 studios (about 8%), 220 one‑bedrooms (64%), 61 two‑bedrooms (18%) and 35 three‑bedrooms (10%).
The ground floor will include roughly 17,000–17,425 square feet of retail space, which is expected to include a café among other street‑facing tenants. One report also indicates the development will include a 152‑space parking garage.
The building is being positioned as a Class A multifamily property with a broad amenity package. Reported amenities include a café, a speakeasy‑style social space, 24/7 concierge service, a landscaped amenity deck with BBQ grills, a fitness center, a rooftop dog run, and other open spaces. Unit interiors are slated to feature stainless steel appliances, engineered wood flooring, custom shelving, Terrazzo tile in bathrooms, walk‑in showers and electronic latch access control.
The site sits less than a quarter mile from the Hoboken PATH station and a few blocks from Hoboken Terminal, providing direct connections to Manhattan. Reported PATH travel times from the nearby station are about 11 minutes to the World Trade Center and 16 minutes to 33rd Street. Additional transit options include NJ Transit commuter rail and ferry service, and the building will be walkable to Hoboken’s primary retail corridor on Washington Street.
Construction activity is reported to begin immediately, with the project having already gone vertical in recent reports. The development is targeted for completion in early 2028.
Hoboken’s development pipeline has been described as bottlenecked, with limited land availability and lengthy construction processes constraining new supply despite long‑term population growth. That local scarcity figures into the rationale for the financing and the value proposition of adding new high‑quality rental stock in the city’s southern neighborhood.
Nearby activity in the region underscores stronger, larger projects underway elsewhere, including the recent topping out of a separate 605‑unit high‑rise in neighboring Jersey City, a project valued at roughly $388 million and expected to be move‑in ready next spring.
The PCCP vice president overseeing the transaction framed the loan as an opportunity to finance a sizeable, transit‑oriented Class A multifamily project in Hoboken for a borrower with a longstanding local development record, and noted confidence in local supply‑demand fundamentals. The BlueGate team characterized Hoboken Urby as a development that aims to elevate local residential offerings through contemporary design, quality finishes and a robust amenity set paired with fast transit links to Manhattan.
The project received a $162 million senior construction loan provided by PCCP.
The loan was made to an affiliate of Ironstate Holdings, with financing arranged by BlueGate Partners on behalf of Urby and the Ironstate affiliate.
Hoboken Urby will contain 345 total units: 307 market‑rate and 38 affordable units. The unit mix includes studios, one‑bedrooms, two‑bedrooms and three‑bedrooms.
Construction has reportedly begun and the project is expected to be completed in early 2028.
The location is under a quarter mile from the Hoboken PATH station and a few blocks from Hoboken Terminal, with rapid PATH times to Manhattan.
| Feature | Detail |
|---|---|
| Loan amount | $162,000,000 (senior construction loan) |
| Lender | PCCP |
| Borrower | Affiliate of Ironstate Holdings |
| Arranger / execution team | BlueGate Partners — Mark DeLillo; Marc Schulder; Lee Spiegelman; Felipe Marin; Eli Zaoutis; Jeremy Silber |
| Project name / address | Hoboken Urby — 256 Observer Highway (Observer Hwy & Park Ave) |
| Site area | ~1.1 acres |
| Building | 16 stories; 418,332 SF |
| Units | 345 total (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 SF (includes café) |
| Amenities | Café, speakeasy, concierge, landscaped deck with grills, fitness center, rooftop dog run, open spaces |
| Transit | <0.25 mile to PATH; PATH: ~11 min to WTC, ~16 min to 33rd St; NJ Transit and ferries nearby |
| Parking | ~152 spaces (reported) |
| Construction status | Construction underway / gone vertical; expected completion early 2028 |
Port of Brownsville, Texas, September 6, 2025 News Summary The Federal Energy Regulatory Commission reissued the…
Washington, D.C., September 6, 2025 News Summary Newport Beach-based T2 Hospitality has purchased the Washington Marriott…
California, September 6, 2025 News Summary Major investor-owned utilities in California are accelerating programs to place…
Global, September 6, 2025 News Summary A new forecast finds the global architectural services sector expanding…
Munich, September 6, 2025 News Summary Nemetschek will acquire Firmus AI through its Bluebeam subsidiary to…
Boise, Idaho, September 6, 2025 News Summary The construction sector is moving from pilots to routine…