Columbian Arms Apartments

Hoboken, New Jersey

Project Description

On April 7, 2020, Columbian Arms Preservation LLC (the “Company” or “Owner”) closed on the acquisition of Columbian Arms Apartments (the “Property”). In conjunction with the acquisition, the Owner elected to complete a substantial rehabilitation of the Property. The financing sources used to the complete the acquisition rehab includes a permanent mortgage loan from Greystone Servicing Corporation, Inc. Overall, these funding sources will complete a recapitalization of the Property and allow for approximately $3.3MM of redevelopment hard costs.

Summary Rehab: Scope of Work

  • New roof (white EPDM rubber membrane)
  • New signage, awning, entryway doors/hardware, call system
  • Replace all windows
  • Elevator upgrades
  • Remove current EIFS façade and replace with new sheathing, EPS insulation and EIFS (Parex) façade
  • Provide new A/C units and sleeves as needed
  • Replace existing generator
  • Replace all interior & exterior lighting with LED lights
  • Upgrade community room/library with new finishes, flooring, and furniture
  • Wireless internet free of charge to residents