KRE Group, a real estate investment and management company, announced Tuesday it has closed on a $50.4 million worth of loans to build a new luxury multifamily development in Bayonne.
The development, Harbor Station North, will include three buildings with 200 units and 10,000 square feet of retail space.
KRE said it closed on a $45 million, three-year construction loan provided by PNC Bank NA and People’s United Bank NA, and a $5.4 million pre-development loan for the project.
“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,” Jeremy Kaplan, chief operating officer of KRE Group, said. “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 Avison Young New Jersey Capital Markets Group, led by George Gnad, principal, served as the broker for the deal.
“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,” Gnad said. “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.”
The property will located within close access to the 45th Street Station on the Hudson-Bergen Light Rail, KRE said.