A 5-year-old plan to carve luxury apartments out of the old Wonder Bread factory in Hoboken, NJ, has finally lured big backers to make it a reality.
Parkwood Development Corp., which cooked up the “Wonder Lofts” project in 2012 only to face delays, has brought in Angelo Gordon & Co. and Prism Capital Partners for a $120 million recapitalization.
The five buildings on Clinton Street that churned out loaves of white bread in the 1960s will soon be converted into 89 luxury units.
Along with an ownership stake, Prism will be responsible for overseeing construction and completion. Demolition is nearly done and approvals are in place for the project.
