Developer Kushner Real Estate Group has successfully secured $45 million in construction financing for a new residential community in Bayonne, New Jersey. The project, which broke ground in 2018, is known as Harbor Station North and will comprise three distinct buildings. The complex will include 200 rental apartments, 10,000 square feet of retail, and associated parking.
The development arrives on the heels of a state-driven initiate to redevelop the City of Bayonne and help create thousands of new jobs, quality housing, and improved access to public transportation.
“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,” said Jeremy Kaplan, chief operating officer of KRE Group. “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.”
The three-year finance package for Harbor Station North was provided by PNC Bank and People’s United Bank. The project is expected to open by 2020.