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

The property asset involved in the transaction is a multifamily development known as The Standard, featuring 250 units. It is located at 197 Avenue E in Bayonne, NJ, and is currently under construction with a garage that accommodates 227 vehicles and approximately 1,950 square feet designated for ground-floor retail space. The project is slated for completion in summer 2027.

Summary of transaction details:

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

The transaction was facilitated by a joint venture between Prestige Development and Anak Development, who secured the construction financing from Bank Hapoalim. Sean Shahkohi from Maven Capital played a key role in negotiating the loan for the development project, which is conveniently located near the 22nd Street light rail station.