A modern multi-family complex in Bayonne has secured a refinancing deal amid an ongoing lease-up at the property.
The ownership behind a newly completed 19-unit apartment building at 425-429 Avenue C has refinanced the property for $5.4 million in a deal arranged by HKS Real Estate Advisors. According to a news release, Emerald Creek Capital provided the loan in connection with the five-story property, which includes 19 parking spaces.
Jersey Digs covered the development way back in 2018 when it first emerged. The 19,300 square foot building has amenities including a fitness center, rooftop terrace, storage units, and the ButterflyMX virtual doorman system.
Each unit in the complex features a washer and dryer, stainless steel appliances, central heat, and oversized closets. The property was approved with a 20-year tax Payment in Lieu of Taxes (PILOT) program, one of the last recent developments in Bayonne to receive such a deal.
The loan was provided by Emerald Creek Capital, and the deal was co-brokered by Alex Dobosh and Michael Lee at HKS.
