NEW YORK—New York City-based Argo Real Estate has received a $16 million loan from Sovereign Bank to finance the development of 59 residential loft-style rental apartments at 1400 Clinton Street in Hoboken. The first ground-up development for Argo, the company will be partnering with Alpine Development in a joint-venture for the project.

“This is an ideal opportunity for Argo as it is allowing the company to break into new segments of the real estate industry and expand the current business model,” said Mark Moskowitz, CEO, Argo Real Estate. “Additionally our partnership with Alpine Development could not be stronger as they share our vision of Hoboken and the luxury, high-end residential rental apartments we believe will further enhance the tremendous growth and activity within the city.”

The development site at 1400 Clinton Street is approximately 102,000 sq. ft. Plans for the development call for a six-story building, which will contain 59 loft-style rental apartments, with 10 of them being live-work units. The ground floor of the building will be reserved for commercial retail.

Each residential unit in the full-service, elevator building will include high end finishes and appliances, in-unit washers and dryers and lofted ceilings. Amenities available to residents will include private roof decks, playroom, fitness center and on-site parking.

The property is located nearby public transportation with easy access to Manhattan.