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281-289 Broadway
FINANCED

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

281-289 Broadway

Development Site
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Summary

Loan
NEW JERSEY
Development Site

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.

Details

Deal Summary
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FINANCED
IMAGE: Gabi Moshayev DATE: 04/08/2024 ADDRESS: 281-289 Broadway MARKET: Bayonne ASSET TYPE: Development Site LENDER: Bravo Property Trust - Gabi Moshayev LANDLORD: Lior Darel, Gabriel Lazar & Dimitris “Jimmy” Vattes - Bayonne Equities LOAN AMOUNT: $46,000,000 LOAN TYPE: Construction Loan LOAN TERMS: floating-rate NOTE: Bayonne Equities BII Urban Renewal secures $46 million in construction financing from Bravo Property Trust to finalize a 10-story residential project in Bayonne, NJ, scheduled for completion in spring 2025. The Allora development, initiated by developers Lior Darel, Gabriel Lazar, and Dimitris “Jimmy” Vattes, commenced construction in late 2022, topped out in February, and will encompass 128 apartments, ground-floor retail space, and a parking garage, with amenities such as a fitness center and lounge on the top floor, located conveniently near New Jersey Transit’s Hudson-Bergen Light Rail line at 281-289 Broadway.

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Address281-289 Broadway

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