The Bayonne Bridge
By Joshua Burd
The developer of a 78-unit multifamily project in Bayonne has closed on a $15 million construction line of credit with Valley Bank, the lender announced last week.
The financing, originated by Valley’s Alfred Sorrentino, will help expand the supply of market-rate apartments at the former Military Ocean Terminal property in the city. That will add to an area that has seen hundreds of new rental units built in recent years, thanks in part to the multiphase project on the peninsula’s south side.
Valley Underwriter Yon (Paul) Choi and Lending Specialist Yvonne Tuitt supported Sorrentino on the transaction, the firm’s Chris Coiley wrote in a recent LinkedIn post, citing their “hard work and dedication in getting this transaction across the finish line.”
“This project is part of the continued transformation of Bayonne’s waterfront and will play a meaningful role in the revitalization of the surrounding neighborhood,” said Coiley, Valley’s regional president for commercial real estate. “With the benefit of a 30-year (payment in lieu of taxes), the development is positioned to drive long-term economic growth while contributing to the ongoing redevelopment and revitalization of the Bayonne community.”
