"This is one of the first new rental apartment buildings beingconstructed in downtown Bayonne in many years," according to JustinPeyser, vice president of The Community Preservation Corp., whichis providing the money. "Our mission is to provide entrepreneurswith tools to develop and renovate urban housing."

Peninsula Court, as the project will be called, is currentlyunder construction. The four-story complex will have an elevatoredlobby and other amenities.

The New Jersey Department of Community Affairs has committed a$1 million loan to the project under its Downtown Living InitiativeProgram, which supports unrestricted rental units in urbanlocations. For its part, the New York-based CPC (its New Jerseyoffices are in Jersey City), arranged the construction financingprogram in 10 weeks.

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