Prestige Development And Anak Development Secure $71.5M Construction Loan For Bayonne Multifamily Project

The property asset involved is a multifamily development comprising 250 units, located at 197 Avenue E in Bayonne, NJ. The project is known as The Standard and includes a 227-space garage along with approximately 1,950 square feet of ground-floor retail space. The construction financing secured for this development amounts to $71.5 million, with an expected completion date in summer 2027.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $71,500,000
• Lender: Gil Karni & David Kesselman - Bank Hapoalim (BHI)
• Landlord: Michael Shahkoohi - Prestige Development; Shai Benhamou - Anak Development
• Broker: Sean Shahkoohi - Maven Capital
• Location: 197 Avenue E, Bayonne, NJ
• Units: 250
• Loan Type: Construction

This transaction features key individuals from various companies contributing to the project's realization. The joint venture between Prestige Development and Anak Development is pivotal in securing the construction financing, while Maven Capital's Sean Shahkoohi played a crucial role by negotiating the terms of the loan with Bank Hapoalim's U.S. branch.