The basics:

• Black Bear, Bettina, Echevarria launch $125 million North Jersey housing joint venture
• JV focuses on urban infill multifamily projects in Hudson County
• First three sites acquired, totaling $65 million in capitalization

Black Bear Asset Management, Bettina Equities Management and Echevarria Industries formed a new joint venture to invest as much as $125 million in North Jersey residential development projects.

The JV announced the plan April 28, along with its first three project acquisitions. Representing a total capitalization of $65 million, the properties are in various stages of development.

The group noted a primary focus in North Bergen, Guttenberg and West New York. The JV says it aims to acquire and aggregate urban infill land parcels for development of multifamily properties in Hudson County.

Financial advisory and asset management firm BBAM and family-owned landlord and operator Bettina Equities will contribute investment capital. Echevarria Industries of West New York will serve as property developer and manager, in addition to co-investing in the projects.

The JV recently acquired two new development sites:

6209-19 Madison St., West New York

• Under development
• Six-story project with 80 residential units
• Delivery slated for 2026

416 69th St., Guttenberg

• Seven-story building with 50 residential units
• Expected delivery in 2028

Both buildings will offer a range of amenities, such as rooftop terraces, solarium lounges, a state-of-the-art fitness center, indoor garage parking with EV charging stations, and a large community center with grills and entertainment space. The properties provide central locations near transit, shopping and schools.

Black Bear Capital Partners, a subsidiary of New York-based BBAM, also acted in an advisory capacity for 6205–19 Madison St. and 416 69th St. The commercial real estate firm with local offices in Basking Ridge secured a $23 million loan from Popular Bank on 6205-19 Madison St. in addition to a $1.3 million loan from DR Bank on 416-69th St., according to the announcement.

Echevarria Industries CEO Mario Echevarria described BBAM and Bettina as “best-in-class investment partners.” Additionally, he noted past collaborations with the former, “a valued partner and financial advisor” that has structured financing for numerous multifamily projects under its E Residences brand prior to the JV.

The announcement also noted Echevarria Industries’ strong local track record. The company’s portfolio comprises 12 completed properties, as well as eight projects under development.

“Partnering with experienced developers like Echevarria remains a cornerstone of our investment strategy as we continue to expand in dynamic, high-growth areas,” said BBAM Senior Managing Director Bryan Manz.

Meeting demand

Bettina Equities Partner and Principal Rose Caiola noted the draw of Hudson County for renters, citing exceptional connectivity to Manhattan and other Gold Coast waterfront communities – as well as the comparatively lower cost of living.

The JV says its latest project is on track. Leasing for the 36-unit multifamily development at 6810 Polk St. in Guttenberg commenced May 1.

Echevarria is also planning additional development sites in West New York and Guttenberg totaling $50 million. BBAM said it will invest equity in these opportunity zone projects as part of the new JV.

Today’s renters … are looking for well-designed, amenity-rich living spaces in convenient, connected locations …”
— Mario Echevarria, CEO, Echevarria Industries

“We’re working hard to deliver high-quality housing that meets the growing demand in Hudson County,” Echevarria said. “Today’s renters—whether young professionals, families, or long-time residents—are looking for well-designed, amenity-rich living spaces in convenient, connected locations, and we’re committed to raising the standard of what’s available in the market.”

BBAM/BBCP said it closed several complex refinance packages in excess of $1 billion in 2024, despite challenging market conditions. Continuing to expand nationally, the firm also has offices in Chicago and Tampa, Fla.