KRE Group secures $50.4M construction loan for Bayonne luxury project

PNC Bank and People’s United Bank agreed to underwrite a $45 million construction loan and a $5.4 million predevelopment loan for KRE Group’s first project in Bayonne, according to NJBIZ. The development, known as Harbor Station North, will add 200 luxury residential units and 10,000 square feet of retail space proximal to Route 440 and the 45th Street Hudson-Bergen Light Rail Station. Bridgewater-based KRE, founded by developers Murray Kushner and Eugene Schenkman, said the $45 million construction loan has a three-year maturity. A site plan for Harbor Station North, located at 151 Centre Street, shows that it will comprise three residential buildings, two parking lots and 10,000 square feet of retail within a 16-acre site. According to meeting minutes last year from the City of Bayonne, the Harbor Station North site was previously assigned to Fidelco Bayonne Realty as part of a sale of portions of the old Bayonne Military Ocean Terminal. In early 2017, Bayonne also cleared the way for the construction of a 65-unit development at 676-688 Avenue E, directly across from KRE’s Harbor Station North development. [NJBIZ]