Station Bay Apartments at 1000 Schindler Drive in South Amboy — Courtesy: M&T Realty Capital Corp.
By Joshua Burd
BNE Real Estate Group has secured $78 million in permanent financing for a collection of 291 new apartments along the Raritan Bay, in a deal arranged by M&T Realty Capital Corp.
According to the mortgage banking firm, an undisclosed life insurance company provided the loan in connection with Station Bay Apartments on Schindler Drive in South Amboy. The transaction follows BNE’s completion of the property late last year, helping to launch a plan to revitalize the city’s waterfront ahead of future development and a planned NY Waterway ferry terminal.
John Taylor and Donna Falzarano of M&T Realty Capital, an M&T Bank subsidiary, sourced the loan on the borrower’s behalf. They noted that Shawn Field of M&T Bank originated the construction loan for the project.
“BNE is a valued long-term relationship of M&T Bank and M&T Realty Capital,” Taylor said. “As one of the most prolific and highly regarded privately owned real estate developers in New Jersey, we’re honored and grateful to bring such an outstanding opportunity to the market on behalf of BNE.”
Station Bay, which is part of a larger $500 million redevelopment plan, has multiple entertainment lounges, co-working space, meeting rooms, a fitness center with yoga and spin studios and a multisport simulator. Residents, meantime, are minutes from South Amboy’s downtown, NJ Transit rail service and highways such as the Garden State Parkway, the New Jersey Turnpike and routes 9 and 440.
BNE’s Station Bay in South Amboy more than 50 percent leased, developer says
