HKS Closes $5.4M Loan for Multifamily Asset 425-429 Avenue C in Bayonne New Jersey

425-429 Avenue C
The 19,300 square foot building offers a range of amenities designed to appeal to modern tenants, including a fitness center, rooftop terrace, storage units, and the innovative ButterflyMX virtual doorman system.

HKS Real Estate Advisors announces a modern multifamily complex, 425-429 Avenue C in Bayonne, has recently secured a significant refinancing deal amidst its ongoing lease-up phase.

The ownership group behind the newly completed 19-unit apartment building at 425-429 Avenue C successfully refinanced the property for $5.4 million, in a deal arranged by HKS Real Estate Advisors. Emerald Creek Capital provided the loan for the five-story property, which includes 19 parking spaces, signaling confidence in the project’s potential and the market’s attractiveness.

Each unit within the complex is equipped with a washer and dryer, stainless steel appliances, central heat, and oversized closets, ensuring a high level of comfort and convenience for residents. Notably, the property secured approval for a 20-year tax Payment in Lieu of Taxes (PILOT) program, a valuable incentive that enhances its financial viability.

This refinancing deal marks a significant milestone for the property and the broader Bayonne real estate market. It reflects strong confidence from lenders and investors in the project’s success and underscores the appeal of Bayonne as a location for modern, well-equipped multi-family developments. The deal was co-brokered by Alex Dobosh and Michael Lee at HKS.

Established in 2011, HKS Real Estate Advisors has rapidly ascended to become an industry leader in commercial real estate advisory. With over $2 billion in annual transaction volume and a remarkable track record of closing more than $25 billion in transactions, our brand story is one of continuous innovation and excellence.