By Joshua Burd
A developer has secured a $46 million construction loan to complete a 10-story, 128-unit luxury apartment building in one of Bayonne’s key thoroughfares.
The lender, Bravo Property Trust, announced recently that it originated the financing for what will be known as Allora at 281-289 Broadway. Developed by Bayonne Equities BII Urban Renewal, the building is rising at the corner of West 12th Street under a project that will also include 2,420 square feet of ground-floor retail space and structured parking for 135 vehicles.
Completion is slated for next spring, according to Commercial Observer, which reported that the floating-rate debt has a 70 percent loan-to-cost. The report also noted that Bravo Property Trust is a balance sheet bridge and construction lender affiliate of Bravo Capital.
Designed by Melamed Architect, the property is slated to include amenities such as a fitness center, a spa, a resident lounge, a roof deck and multiple landscaped terraces. Residents will be roughly four blocks from the Hudson Bergen Light Rail’s 8th Street station.
Traded NJ reported that Aidan Birnbaum and Aaron Krawitz spearheaded the deal for New York-based Bravo Property Trust.
