Bayonne Equities Secures $46M Construction Loan For Allora Development In Bayonne

The development site located at 281-289 Broadway in Bayonne, NJ, is set for a transformation into a 10-story residential project known as the Allora development. The project, led by developers Lior Darel, Gabriel Lazar, and Dimitris “Jimmy” Vattes, will consist of 128 apartments, ground-floor retail space, a parking garage, and top-floor amenities including a fitness center and lounge. The property is conveniently situated near the New Jersey Transit’s Hudson-Bergen Light Rail line.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $46,000,000
• Loan Type: Construction Loan
• Loan Terms: Floating-rate
• Lender: Bravo Property Trust - Gabi Moshayev
• Landlord: Lior Darel, Gabriel Lazar & Dimitris “Jimmy” Vattes - Bayonne Equities

Bravo Property Trust, with Gabi Moshayev as the lender, provided a $46 million construction loan to Bayonne Equities BII Urban Renewal for the Allora development. The developers, Lior Darel, Gabriel Lazar, and Dimitris “Jimmy” Vattes, are the driving forces behind this project that is expected to be completed by spring 2025. The development commenced in late 2022, topped out in February, and promises to enhance the residential offerings in Bayonne, NJ.