A joint venture, comprising Prestige Development and Anak Development, has secured $71.5 million in construction financing for the development of a multi-family project in northern New Jersey. This financing was provided by BHI, the US branch of Bank Hapoalim. The loan will facilitate the development of 'The Standard' apartment complex, featuring 250 residential units in Bayonne, New Jersey. The financing was arranged by Sean Shahkohi of Maven Capital, a specialised financial advisor who successfully facilitated the transaction.
David Kesselman, Vice President for Commercial Real Estate at BHI, commented on the significance of the project in a statement. He explained that the development in Bayonne is intended to 'expand the local housing supply and meet growing demand'. This new build thus contributes to easing the strained housing market in the region. The apartment complex is located at 197 Avenue East, a strategically favourable location just steps from the 22nd Street Station of the Hudson-Bergen Light Rail line, ensuring excellent connectivity.
Project details and extensive amenities
The planned property will offer a versatile mix of residential units, ranging from studios to two-bedroom apartments. Additionally, the project includes a car park with 227 spaces to provide residents with ample parking. Approximately 1,950 square feet (about 181 square metres) of retail space is planned for the ground floor, which will complement the local infrastructure and offer convenience to residents. The design aims to create an attractive living and residential environment.
The planned communal facilities are designed for a high quality of life and are intended to offer residents diverse leisure opportunities. Michael Shahkohi, Managing Director of Prestige Development, emphasised that BHI, in granting the loan, had understood 'both the complexity of the construction execution and the long-term vision' of the project. This highlights the collaborative partnership and confidence in the feasibility of the endeavour. 'The Standard' project was designed by MHS Architecture, a renowned architectural firm known for its innovative concepts.
- —Swimming pool
- —Sun deck
- —Fitness centre and yoga room
- —Sauna
- —Co-working areas
- —Golf simulator
- —Dog area
The building is being constructed on the former site of the Villanova Catering Hall, a well-known location in Bayonne. This transformation of a former commercial plot into modern residential space is an example of the efficient use of urban areas. Completion of the apartment complex is scheduled for summer 2027, implying a meticulous planning and construction phase. The entire undertaking significantly contributes to the development of the urban fabric and the creation of high-quality housing in Bayonne.
