New Jersey Project Scores $45M Construction Loan
- May 09, 2019
Kushner Real Estate (KRE) Group has closed on a $45 million, three-year construction loan, on top of a $5.4 million pre-development loan, to build a 200-unit luxury multifamily community in Bayonne, N.J. KRE broke ground on the project, Harbor Station North, in the summer of 2018 and completion is slated for the spring of 2020, a company spokesperson told Multi-Housing News.
PNC Bank and People’s United Bank provided the three-year financing. The transaction was brokered by the Avison Young New Jersey Capital Markets Group, led by Principal George Gnad.
The project marks KRE’s first development in the Gold Coast city of Bayonne, and upon completion will feature three buildings offering rental apartments and 10,000 square feet of retail space. Harbor Station North is steps away from the 45th Street Station on the Hudson-Bergen Light Rail, which provides service to Jersey City.
The property is located on the northern side of the former Military Ocean Terminal (MOTBY), a 30-acre development that is slated to bring thousands of residential units to the market. Apartment development is booming in Bayonne, a postindustrial city in Hudson County that is reinventing itself as a residential community.
In January, Kushner Real Estate Group and National Real Estate Advisors closed on $258 million in financing for the construction of Tower Two at Journal Squared, a mixed-use development in Jersey City, N.J.