A major New Jersey real estate developer has secured financing for a multifamily development in Hudson County. Industry sources report that Kushner Real Estate, which is based in Bridgewater, has closed a deal that will provide it with the $50.4 million it needs to complete the 200-unit luxury project. The money will come in two installments from People's United Bank and PNC Bank. The first $5.4 million is a pre-development loan, and the remaining $45 million will be made available in the form of a construction loan that must be paid off or refinanced after three years.
New Jersey developer secures financing for Bayonne project
Residential and non-residential construction starts on the rise
More people in the New Jersey and New York area are investing in construction projects based on March 2019 construction start figures. These stats are specific to New York-area construction, which typically extends to parts of the Garden State. This positive news comes after three straight months of declines. The nearly $4 billion in construction starts for March 2019 is a 40% increase from what was reported in March of 2018.
