A new 36-unit apartment building at 6810 Polk St. in Guttenberg is slated to hit the market this month as part of a joint venture by Black Bear Asset Management, Bettina Equities Management and Echevarria Industries — Rendering courtesy: BBAM
By Joshua Burd
Investors have acquired three multifamily development sites in Hudson County as part of a new venture that plans to spend up to $125 million on new apartment projects in the region.
The partnership, which includes Black Bear Asset Management, Bettina Equities Management and Echevarria Industries, said the deals include a parcel at 6205–19 Madison St. in West New York where it’s developing a six-story, 80-unit property. A second site, at 416 69th St. in Guttenberg, is slated to include a seven-story building with 50 homes.
Both projects, scheduled to deliver in 2026 and 2028, respectively, will have amenities such as rooftop terraces, solarium lounges, high-end fitness centers, indoor garage parking with electric vehicle charging stations and a large community center with grills and entertainment space, according to a news release. They’ll also be near transit, shopping and schools, while offering elevated views of the Manhattan skyline.
The projects are part of a structure in which Black Bear Asset Management and Bettina Equities will contribute investment capital, while Echevarria Industries will serve as the property developer and manager and while also investing in the deals. With a total capitalization of $65 million, the initial developments also include a 36-unit apartment building at 6810 Polk St. in Guttenberg that is slated to hit the market this month.
“BBAM and Bettina Equities are ‘best-in-class investment partners,’” Echevarria Industries CEO Mario Echevarria said. “We have assembled a quality portfolio of projects together across Hudson County on an expediated basis. BBAM is a valued partner and financial adviser having structured financing for a multitude of E Residences projects prior to the recent JV partnership.”
Black Bear Capital Partners, a subsidiary of BBAM, also acted in an advisory capacity for the deals at 6205–19 Madison St. and 416–69th St., securing a $23 million loan from Popular Bank and a $1.3 million loan from DR Bank for the respective projects.
“We’re thrilled to partner with Echevarria Industries to deliver thoughtfully designed, luxury multifamily communities in Hudson County,” Bettina Equities Managing Partner and Principal Rose Caiola said. “Hudson County continues to attract growing interest from renters, offering exceptional connectivity to Manhattan at a significantly lower cost of living compared to Manhattan itself and other nearby waterfront communities. We’re excited to expand our footprint in this dynamic market through our partnership with Echevarria Industries.”
The joint venture announced their plans last week, noting that Echevarria has delivered several notable projects in the area. They include the E Plaza & Residences, a five-story, 51-unit development with 5,400 square feet of commercial space at 6701 John F. Kennedy Blvd. in North Bergen, as well as the five-story, 16-unit E Residence VII at 6800 Polk St. in Guttenberg and the seven-story, 35-unit E Residences at Hudson Hall at 6020 Hudson Ave. in West New York.
“Echevarria Industries has a proven track record of identifying and executing high-quality multifamily developments in markets like North Bergen, Guttenberg and West New York,” BBAM Senior Managing Director Bryan Manz said. “Partnering with experienced developers like Echevarria remains a cornerstone of our investment strategy as we continue to expand in dynamic, high-growth areas.”
Echevarria is forming plans for additional development sites in West New York and Guttenberg totaling $50 million and located in federally designated Opportunity Zones, where BBAM will invest equity as part of the new joint venture.
“We’re working hard to deliver high-quality housing that meets the growing demand in Hudson County,” Echevarria said. “Today’s renters — whether young professionals, families or longtime residents — are looking for well-designed, amenity-rich living spaces in convenient, connected locations, and we’re committed to raising the standard of what’s available in the market.”
