FINANCEDDevelopment Site
SkyRock Capital Secures $68 Million Construction Loan From Bravo Property Trust For Bayonne Luxury Waterwalk
219 West 5th Street
$68,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 7, 2026
AI
The property asset involved in this transaction is a development site located at 219 West 5th Street in Bayonne, NJ. The site spans 2.3 acres and will serve as the foundation for a new waterfront apartment project, Bayonne Luxury Waterwalk, which consists of 180 units. SkyRock Capital acquired the site in 2019, and the financing was secured to support the construction of this six-story multifamily development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $68,000,000
- Market: Bayonne, NJ
- Lender: Aaron Krawitz - Bravo Property Trust
- Originator: Elan Goldberg - Bravo Property Trust
- Landlord: SkyRock Capital
- Loan Type: Construction
- Site Acres: 2.3
The deal involved key individuals and firms including Aaron Krawitz and Elan Goldberg from Bravo Property Trust, who played pivotal roles in originating and lending the construction loan. The transaction reflects the collaboration between Bravo Property Trust and SkyRock Capital for the development of an important housing project in the Bayonne area.
Players
Lincoln Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93