Kushner Real Estate Group recently announced it has secured a three-year construction loan for its ongoing development in Bayonne, Harbor Station North, at 151 Centre Street. The developer, who secured financing from PNC Bank and People’s United Bank on May 7, will deploy resources from the loan to develop 200 luxury residential units and 10,000 square feet of retail.
KRE Group secured two facilities last week: $45 million was provided as part of the three-year construction loan, while a second facility for $5.4 million was penned for pre-development.
“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,” Jeremy Kaplan, Chief Operating Officer of KRE Group said in a news release. “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.”
According to a site plan from KRE Group, four buildings and two parking lots are planned alongside Route 440. Three residential properties and one retail building will be developed on the 16-acre site within walking distance of the Hudson-Bergen Light Rail 45th Street station. The property is adjacent to two undeveloped tracts of land and proximal to Harbor Pointe Apartments.
KRE Group opened Marin Green, a one-acre park directly behind its 485 Marin project in December. American Investment Group, who provided permanent financing for KRE’s Grove Pointe project, penned a $210 million facility to the developer and National Real Estate Advisors for the first tower at Journal Squared.
The City of Bayonne approved the construction of a 65-unit development at 676-688 Avenue E, located across Route 440 from 151 Centre Street in January 2017. Fair Lawn-based Pier View Lofts said the construction will add 71 parking spaces adjacent to the Light Rail station.