Bravo Property Trust Closes $68 Million Construction Loan for Skyrock Capital's Bayonne Waterfront Multifamily Project
Bravo Property Trust has closed a $68 million senior construction loan to Skyrock Capital for the ground-up development of a 180-unit luxury multifamily project on the Bayonne, New Jersey waterfront, the firm announced Sept. 15.
The financing is structured as a bridge-to-HUD loan, with a planned transition to long-term HUD-insured permanent debt through Bravo Capital, Bravo Property Trust's affiliated HUD lender, once the property stabilizes.
Project Details: Bayonne Luxury Waterwalk
The development, known as Bayonne Luxury Waterwalk, is situated on a 2.3-acre waterfront site at 219 West 5th Street along Newark Bay, near the Bayonne Bridge. The six-story building will contain 180 residential units — a mix of studios, one-bedrooms, two-bedrooms and duplexes — along with two floors of parking, a swimming pool and a fitness center. Construction is expected to be completed in late 2027.
Skyrock Capital, the project's developer and borrower, acquired the 2.32-acre site for $4.55 million in 2019 through the Bayonne Luxury Waterwalk LLC entity. The developer subsequently sought planning approvals from the Bayonne Planning Board for the six-story, 180-unit complex. At $68 million in construction debt across 180 units, the loan equates to approximately $378,000 per unit.
Financing Structure and Bravo's Bridge-to-HUD Platform
The loan is structured as a first-mortgage senior construction facility with a 36-month, interest-only term — parameters consistent with Bravo Property Trust's bridge-to-HUD product, which is designed to carry multifamily projects from groundbreaking through stabilization before transitioning to a HUD/FHA permanent loan. Bravo's bridge-to-HUD platform typically lends up to 90% loan-to-cost and 80% of as-stabilized value on loans ranging from $3 million to $75 million or more.
"Construction financing in today's market requires speed, certainty and a willingness to structure thoughtfully," said Aaron Krawitz, CEO of Bravo Property Trust. "This closing demonstrates our ability to provide decisive capital for high-quality projects and experienced sponsors. Bayonne's waterfront continues to attract meaningful long-term investment, and we are pleased to support the development of this new community."
Aidan Birnbaum, Portfolio Manager of Bravo Property Trust, emphasized the integrated nature of the financing strategy. "We structured the construction financing with the anticipated HUD takeout in mind from the outset," Birnbaum said. "Having construction and HUD lending capabilities across Bravo Property Trust and Bravo Capital allows us to coordinate the financing strategy from groundbreaking through the planned transition to permanent debt."
Elan Goldberg, co-head of originations at Bravo, originated the construction loan on behalf of the lender.
Bravo's Growing Bayonne Footprint
The Bayonne Luxury Waterwalk deal is not Bravo Property Trust's first construction loan in Bayonne. The firm previously provided a $46 million construction loan for Allora, a 10-story, 128-unit luxury apartment project at 281–289 Broadway in Bayonne, structured at approximately 70% loan-to-cost on a floating-rate basis. A separate transaction involved a $49.6 million lease-up refinance in Bayonne, indicating a sustained presence in the submarket across multiple deal types.
Bravo Property Trust and its affiliates have collectively closed more than $2.5 billion in financing nationwide. The platform provides debt and equity solutions across the capital stack, including construction, bridge, bridge-to-HUD, HUD/FHA, mezzanine and preferred equity financing.
Market Context: Bayonne Waterfront Development
Bayonne's waterfront has drawn multifamily investment in recent years, driven by the submarket's proximity to Manhattan via transit links and comparatively lower land costs relative to Jersey City and Hoboken. The Newark Bay waterfront corridor, where the Bayonne Luxury Waterwalk site sits, has seen ground-up luxury apartment projects as developers seek to capitalize on demand from renters priced out of closer-in Hudson County markets.
The bridge-to-HUD structure used in this transaction has become a common tool for multifamily developers seeking to lock in long-term, fixed-rate government-insured debt while retaining the flexibility of shorter-term construction financing during the development and lease-up phases. By originating both the construction bridge loan and the anticipated HUD permanent loan within the same affiliated platform, Bravo Property Trust and Bravo Capital are positioned to manage the full financing lifecycle of the Bayonne Luxury Waterwalk project.