KRE Group announced that it has closed on a $45 million, three-year construction loan, in addition to a $5.4 million pre-development loan, to build a new luxury multi-family development in Bayonne, NJ.
Known as Harbor Station North, the development will include three buildings offering 200 rental apartments and 10,000 s/f of retail space steps from the Hudson-Bergen Light Rail.
“Harbor Station North represents KRE’s first residential development in Bayonne, a charming city that’s becoming a Gold Coast destination in its own right,” said Jeremy Kaplan, Chief Operating Officer of KRE Group.
“Bayonne is seeing a proliferation of new businesses that continue to bring new residents to the area, and we look forward to breaking ground and becoming a part of this growing community.”
The three-year loan, provided by PNC Bank, NA and People’s United Bank, NA, will finance this phase of the construction of Harbor Station North. The Avison Young New Jersey Capital Markets Group, led by George Gnad, principal, served as the broker for the transaction.
“Our local market expertise and understanding of the borrower’s needs allowed the Avison Young Capital Markets team to secure financing for this deal within an extremely tight timeframe,” said Gnad.
“Our team is highly-regarded for its proficiency in structuring complex loans as well as our numerous lender relationships. We were able to lean on our deep lending experience to obtain a financing package with favorable terms for our client.”
With its ease of access to and from Manhattan, Bayonne — a former manufacturing hub — has seen recent infrastructure improvements and emerged as a popular bedroom community that’s seeing an uptick in new residential developments, restaurants and retail.
Harbor Station North will be located near the 45th Street Station on the Hudson-Bergen Light Rail, with service to Jersey City, where commuters can connect to the PATH train.