Bridgewater-based KRE Group announced it has closed on a $45 million, three-year construction loan, in addition to a $5.4 million pre-development loan, to build a new luxury multi-family development in Bayonne, representing KRE’s first residential development in the city.
Known as Harbor Station North, the development will include three buildings offering 200 rental apartments and 10,000 square feet of retail space—just steps from the Hudson-Bergen Light Rail.
The three-year loan, provided by PNC Bank NA and People’s United Bank NA, will finance this phase of the construction of Harbor Station North. The Avison Young New Jersey Capital Markets Group, led by George Gnad, principal, served as the broker for the transaction.
With its ease of access to and from Manhattan, Bayonne has seen recent infrastructure improvements and emerged as a popular bedroom community that’s seeing an uptick in new residential developments, restaurants and retail.
Harbor Station North will be located just steps from the 45th Street Station on the Hudson-Bergen Light Rail, with service to Jersey City, where Manhattan-bound commuters can connect to the PATH train.