O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
AYONNE, NJ — KRE Group , a full-service real estate investment Gnad of The Avison Young New Jersey Capital Markets Group serves as broker KRE Group secures $45 million in construction financing for NJ luxury apartment development B
ground and becoming a part of this growing community.” The three-year loan, pro- vided by PNC Bank, NA and People’s United Bank, NA , will finance this phase of the construction of Harbor Station North. The Avison Young New Jersey Capital Markets Group, led by George Gnad , principal, served as the broker for the transaction. “Our local market expertise and understanding of the bor- rower’s needs allowed the Avi- son Young Capital Markets team to secure financing for this deal within an extremely tight timeframe,” said Gnad. “Our team is highly-regarded for its proficiency in structur- ing complex loans as well as our numerous lender relation- ships. We were able to lean on our deep lending experience to obtain a financing package with favorable terms for our client.”
HI-LIGHTS M ay 24 - J une 13, 2019 and management company announced that it has closed on a $45 million, three-year construction loan, in addi- tion to a $5.4 million pre- development loan, to build a new luxury multi-family development in Bayonne. Known as Harbor Station North, the development will include three buildings offer- ing 200 rental apartments and 10,000 s/f of retail space—just steps from the Hudson-Bergen Light Rail. Building Services & Suppliers 7-12B SPOTLIGHT
Harbor Station North
“Harbor Station North rep- resents KRE’s first residential development in Bayonne, a charming city that’s becom-
ing a Gold Coast destination in its own right,” said Jer- emy Kaplan , CEO of KRE Group. “Bayonne is seeing
a proliferation of new busi- nesses that continue to bring new residents to the area, and we look forward to breaking
Greysteel arranges the receivership sale of a 227-unit multifamily portfolio in Southeast DC for $21.75m
WASHINGTON, DC — Greysteel , a national com-
Contributing Columnist
mercial real estate invest- ment services firm, has ar- ranged the receivership sa l e o f El - sinore Court- y a r d a n d Fitch Apart- ments, a 227-
Jeremias Ramos, CPA, Withum
W. Kyle Tangney
unit multifamily portfolio in Southeast Washington, D.C. Greysteel president & CEO, Ari Firoozabadi ; managing director, W. Kyle Tangney ; director, Herbert Schwat ; senior investment associate Christian Alves and invest- ment associate, Dutch Seitz all based out of the firm’s Wash- ington, DC office sold the prop- erty on behalf of the receiver, E & G Group , and solely procured the buyer. The prop- erties sold for $21.75 million which equates to approximately $96,000 per unit. Built between 1960 - 1966, Elsinore Courtyard is located
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Elsinore Courtyard
Fitch Apartments
at 5311–5330 E St., 5108-5112 Call Place, and 5109-5117 C St. SE in Washington, DC. The 152-unit portfolio consists of 51 one-bedroom, 91 two-bedroom and 10 three-bedroom units with an average unit size of 894 SF. Fitch Apartments were built between 1969 - 1971 and located at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE, and 5218–5220 F St. SE inWashington, DC. The 75-unit portfolio consists of 40 one- bedroom, 21 two-bedroom and 14 three-bedroom units with an average unit size of 728 s/f.
Located in the Marshall Heights neighborhood of South- east Washington, D.C., El- sinore Courtyard and Fitch Apartments are both conve- nient to the Benning Rd. Metro Station, providing access to WMATA’s Blue/Silver Line Trains. The Blue and Silver Lines transport passengers from Prince George’s County through Downtown Washing- ton and into Northern Virginia, providing residents easy access to major employment centers throughout the Washington Metro Area. The Properties
are located a short distance from Benning Rd., E. Capitol St., and Southern Avenue SE which are three of the major arteries through Wards 7 and 8 into Prince George’s County and Downtown D.C. As de- velopment in D.C. continu- ally expands east these major thoroughfares will continue to benefit first. “There were a lot of mov- ing parts to this transaction considering the nature of the receivership sale and the num- ber of parties involved with the transaction,” said Tangney.
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Kinsley Construction breaks ground on MOB
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