Angelo Gordon & Co and Prism Capital have recapitalized the Wonder Lofts project in Hoboken, New Jersey for about $120 million. Parkwood Development Corp will retain an ownership stake in the project. When finished, the Wonder Lofts building will include 89 luxury residential units.
NEW YORK – March 12, 2018 – Angelo, Gordon & Co., a $28 billion alternative investment firm focused on credit and real estate investing, and Prism Capital Partners, today announced the development and recapitalization of the Wonder Lofts building in Hoboken, NJ for approximately $120 million. Parkwood Development Corp., which initiated the redevelopment project in 2012, will retain an ownership stake in the project. The Wonder Lofts building will be converted into 89 luxury residential units with over 10,000 square feet of indoor and outdoor amenity space and a to-be built retail space fronting Clinton Street.
Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the Wonder Lofts will offer a reasonably priced alternative to those looking to live close to New York City. The project will be comprised of five separate buildings and will maintain a significant amount of the existing architecturally significant detail seen at the building today. The buildings will also have on-site parking.
“As the Manhattan and Brooklyn markets have become less affordable over the past decade, Hoboken’s appeal as an alternative to these neighborhoods has significantly increased,” said Daniel Rudin, Director, Angelo, Gordon. “The Wonder Lofts are ideally situated in Hoboken, located near public transportation, and offer amenities and luxury details at prices rare to find elsewhere in the Greater New York Metropolitan area.”
“This is an exciting development opportunity in a prime location near New York City,” said Eugene Diaz, Principal of Prism Partners. “We are pleased to be partnering with Angelo, Gordon on the Wonder Lofts project.”
The project has received the necessary approvals and nearly all demolition and construction preparation work has been completed. Prism Capital will also hold an ownership stake and be responsible for executing construction and completion of the project.
About Angelo, Gordon & Co.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $28 billion with a primary focus on credit and real estate strategies. Angelo, Gordon has over 450 employees, including nearly 170 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.
About Prism Capital
Since its inception in 2002, Prism has orchestrated the repositioning of a series of properties and projects, building on the combined 60-year wealth of real estate knowledge between its principal partners, Eugene R. Diaz and Edwin H. Cohen. The principals have a long and celebrated history of involvement in some of the largest transactions and most successful projects in the New Jersey suburban marketplace.
About Parkwood Development
Parkwood Development, founded by brothers Dan and Ted Winschuh, is a real estate development company that specializes in the development of high-quality, luxury residential projects in the New York City and New Jersey Gold Coast markets.