CPC Provides $4.4 Mil Loan for Bayonne Apartments

BAYONNE, NJ – Peninsula Court, LLC, a partnership of two local real estate and construction companies, has received a $4.4 million construction loan for a 51-unit apartment complex. The project, which will feature moderate and middle-income units, will rise in the downtown area of this waterfront city.

“This is one of the first new rental apartment buildings being constructed in downtown Bayonne in many years,” according to Justin Peyser, vice president of The Community Preservation Corp., which is providing the money. “Our mission is to provide entrepreneurs with tools to develop and renovate urban housing.”

Peninsula Court, as the project will be called, is currently under construction. The four-story complex will have an elevatored lobby and other amenities.

The New Jersey Department of Community Affairs has committed a $1 million loan to the project under its Downtown Living Initiative Program, which supports unrestricted rental units in urban locations. For its part, the New York-based CPC (its New Jersey offices are in Jersey City), arranged the construction financing program in 10 weeks.