Real Estate
Home›Real Estate›Residential›BHI provides $71.5M construction loan for 250-unit Bay…
BHI provides $71.5M construction loan for 250-unit Bayonne apartments
The Standard project in Bayonne, New Jersey will include studio to two-bedroom units plus about 1,950 square feet of ground-floor retail.
Commercial Observer reports that BHI, the U.S. branch of Bank Hapoalim, provided $71.5 million in construction financing for a new multifamily development in northern New Jersey.
The loan supports a 250-unit apartment community called The Standard, developed by a joint venture between Prestige Development and Anak Development, with financing negotiated by Maven Capital’s Sean Shahkohi.
The project will be located at 197 Avenue East in Bayonne, steps from the 22nd Street Station on the Hudson-Bergen Light Rail line, and is planned to feature studio to two-bedroom units, a 227-space parking garage, and roughly 1,950 square feet of ground-floor retail space.
Amenities will include a swimming pool, sundeck, fitness center, yoga room, sauna, coworking areas, golf simulator, and a dog walk, according to Commercial Observer.