Bravo Property Trust Provides $46M Construction Loan on New Jersey Resi Tower
By Andrew Coen April 8, 2024 4:49 pm
reprints
Developer Bayonne Equities BII Urban Renewal has sealed $46 million of construction financing to complete a 10-story residential development in Bayonne, N.J., Commercial Observer has learned.
Bravo Property Trust, a balance sheet bridge and construction lender affiliate of Bravo Capital, supplied the floating-rate loan on the Bayonne Equities’ Allora project slated for completion in spring 2025, according to the company. The transaction represents a 70 percent loan-to-cost, Bravo Property Trust said.
Bayonne Equities — a partnership between developers Lior Darel, Gabriel Lazar and Dimitris “Jimmy” Vattes — broke ground in late 2022 using equity to fund the initial construction, according to Bravo. The project was first proposed in 2020 and topped out in Feburary.
Located at 281-289 Broadway, Allora will comprise 128 apartments with 2,400 square feet of ground-floor retail and a 135-space parking garage. Amenities level on the top floor will feature a fitness center, lounge and playroom.
The property is situated a few blocks from the Eighth Street stop on New Jersey Transit’s Hudson-Bergen Light Rail line.
Officials at Bayonne Equities did immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
