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 senior construction loan of $162 million has been provided to an affiliate of a New Jersey developer to fund the ground-up development of Hoboken Urby, a 16-story, transit-oriented mixed-use building at 256 Observer Highway on the southern edge of Hoboken, N.J. Construction has begun and the development is expected to be completed in early 2028.
The project sits on roughly 1.1 acres and will rise to about 418,332 square feet. It will include 345 residential units, of which 307 are market-rate and 38 are affordable. The unit mix by bedroom count breaks down to 29 studios (about 8%), 220 one-bedrooms (about 64%), 61 two-bedrooms (about 18%), and 35 three-bedrooms (about 10%).
Hoboken Urby is designed as a Class A multifamily building with neighborhood retail along the ground floor. Reports indicate between 17,000 and 17,425 square feet of retail will be provided, including a café. The design also calls for a parking garage with about 152 spaces.
The building will offer a mix of on-site amenities aimed at residents and visitors. Features listed across planning materials include a café, a speakeasy-style lounge, 24/7 concierge service, a landscaped amenity deck with barbecue grills, a fitness center, a rooftop dog run, and other open spaces. Unit interiors are described with quality finishes such as stainless steel appliances, engineered or wood floors, custom shelving, Terrazzo tile in bathrooms, walk-in showers, and electronic latch access control.
The property is located less than a quarter-mile from the Hoboken PATH station and is a few blocks from Hoboken Terminal. PATH travel times to Manhattan are quick — about 11 minutes to the World Trade Center and roughly 16 minutes to 33rd Street — and the nearby terminal also offers NJ Transit commuter rail and ferry connections. The site is walkable to Hoboken’s main retail street, Washington Street.
The senior construction loan was approved by PCCP and issued to an affiliate of the development sponsor. The financing was secured with the assistance of a capital advisory and placement team that included Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis and Jeremy Silber, who worked on behalf of the sponsor and the Urby brand.
Site work has started and reports indicate the project has moved above grade. Early estimates put full completion and lease-up in early 2028, assuming steady construction progress and no major delays.
Hoboken has limited available land and a slow-moving pipeline for new development, factors that have constrained new housing despite two decades of population growth. The addition of a sizable, transit-oriented Class A project at the southern edge of town is positioned to respond to tight local rental market fundamentals and add new housing choices close to major transit links. Nearby activity includes larger-scale projects in neighboring municipalities that are advancing through construction and topping out.
Representatives associated with the lender described the financing as an opportunity to support construction of a substantial, transit-oriented multifamily asset in Hoboken for an owner with a local development record. Company representatives for the capital placement team framed the project as blending modern design, high-quality finishes and extensive amenities with strong Manhattan connectivity.
The site will be developed as a 16-story Class A mixed-use residential building called Hoboken Urby, totaling about 418,332 square feet with ground-floor retail.
The building will contain 345 units: 307 market-rate units and 38 affordable units. The unit mix includes studios, one-, two- and three-bedroom apartments.
A senior construction loan of $162 million was provided by PCCP to an affiliate of the developer to fund construction.
Construction has started and the project is expected to be completed in early 2028, subject to construction progress and permitting.
The property is under a quarter-mile from the Hoboken PATH station and a few blocks from Hoboken Terminal, offering PATH, NJ Transit commuter rail and ferry service to Manhattan. PATH riding times to Manhattan destinations are short.
Amenities planned include a café, lounge, concierge, landscaped outdoor deck with BBQs, fitness center, rooftop dog run and additional community spaces.
| Feature | Detail |
|---|---|
| Project name | Hoboken Urby |
| Address | 256 Observer Highway, Hoboken, NJ |
| Loan amount | $162,000,000 (senior construction loan) |
| Borrower/Owner | Affiliate of the development sponsor |
| Building size | 418,332 sq ft |
| Stories | 16 |
| Units | 345 total (307 market-rate, 38 affordable) |
| Unit mix | 29 studios; 220 one-bedrooms; 61 two-bedrooms; 35 three-bedrooms |
| Retail | Approximately 17,000–17,425 sq ft, including a café |
| Parking | About 152 spaces |
| Amenities | Café, lounge, concierge, landscaped deck with BBQs, fitness center, rooftop dog run, open spaces |
| Transit access | Under 0.25 mile to PATH; a few blocks to Hoboken Terminal; PATH times to Manhattan ~11–16 minutes |
| Construction status | Ground-up construction started; vertical construction underway |
| Expected completion | Early 2028 |
| Lender | PCCP (senior construction lender) |
| Capital placement/execution team | Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis, Jeremy Silber |
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…