A joint venture between Prestige Development and Anak Development has secured $71.5 million in construction financing to build a new multifamily project in northern New Jersey, Commercial Observer has learned. BHI, the U.S. branch of Bank Hapoalim, provided the loan for the 250-unit residential community known as The Standard, located in Bayonne, New Jersey.
Maven Capital’s Sean Shahkohi negotiated the financing package for the sponsorship team.
Financing Details and Project Scope
David Kesselman, vice president of commercial real estate at BHI, noted in a statement that the Bayonne project will “expand the local housing supply and meet growing demand.” The development sits at 197 Avenue East, just steps away from the 22nd Street Station on the Hudson-Bergen Light Rail line, offering future residents direct rail access.
The Standard will feature a diverse unit mix ranging from studios to two-bedroom apartments. To accommodate vehicle owners, the property includes a 227-space parking garage alongside roughly 1,950 square feet of ground-floor retail space.
Residents at the completed community will have access to an extensive package of amenities. Planned features include an outdoor swimming pool, a sundeck, a fitness center, a yoga room, a sauna, designated coworking areas, a golf simulator, and a dedicated dog walk.
Design, Timeline, and Background
Michael Shahkohi, principal of Prestige Development, emphasized in a statement that BHI understood when executing the loan “both the complexity of construction execution and the long-term vision” required to bring the multifamily property to life.
The architectural plans for The Standard were crafted by MHS Architecture. The development site occupies the former location of the Villanova Catering Hall. Construction teams are currently driving the build forward with a targeted completion date slated for summer 2027.
Stakeholders will watch construction milestones closely over the next several quarters as foundational work progresses toward the anticipated 2027 delivery.
