Jonathan Kushner, president of Kushner Real Estate Group and Jeremy Kaplan, the firm’s chief operating officer — Photo by Jeffrey Vock for Real Estate NJ
By Joshua Burd
Kushner Real Estate Group has landed more than $50 million in financing for a planned 200-unit apartment project in Bayonne, its first development in the city.
The firm announced that it has closed on a $45 million, three-year construction loan, along with a $5.4 million pre-development loan, for the mixed-use project known as Harbor Station North. PNC Bank and People’s United Bank are providing the construction financing.
“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, KRE Group’s chief operating officer. “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.”
Located at 151 Centre St., the three-building project will also include 10,000 square feet of retail space, capitalizing on a location just steps from the Hudson-Bergen Light Rail’s 45th Street Station. Construction is underway, with delivery slated for next spring.
An Avison Young capital markets team led by George Gnad brokered the financing.
“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, a principal in the firm’s New Jersey office. “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 development is among several projects underway or in the pipeline in Bayonne, which has drawn many of the state’s top real estate firms in search of new opportunities.