317 Avenue E in Bayonne — Courtesy: Walker & Dunlop
By Joshua Burd
The PRC Group has snagged $36 million in financing for a new 162-unit luxury apartment complex in Bayonne, in a deal arranged by Walker & Dunlop.
Known as City Line Bayonne, the property includes two six-story residential buildings with elevators and a unit mix of 16 studios, 124 one-bedrooms and 22 two-bedrooms. The developer now has permanent financing in place for the project at 317 Avenue E — replacing the construction loan that W&D completed for PRC with a different lender in 2020 — with a 10-year fixed term with flexible prepayment and the ability to increase loan proceeds as the property continues to hit performance metrics.
W&D’s Philadelphia-based team of John Banas, Kris Wood, John Wilson, Rhett Saltiel and Erik DiGirolamo sourced the debt, noting that the process involved both bridge lenders and regional banking relationships that culminated in a creative loan structure for their client.
In announcing the deal, W&D noted that City Line Bayonne also has amenities including a shuttle service, a rooftop sundeck, a fitness center and a pet spa and washing station. Residents are less than 10 miles from New York City and Newark.