Developer Lands $150M Loan for West New York Multifamily Project

 Developer, PRO, has just obtained a $150 million loan for an 11-story, multifamily project, set to rise at 30 Avenue at Port Imperial in West New York, New Jersey. Issued by Northwestern Mutual, this influx of capital will be used to fund all construction costs from the ground up.

Known as "Riverbend 3" or "RB3" for short, the project comes as part of a 200-acre master-planned community, known as "Port Imperial". The building will contain PRO rental apartments, offered in studio, one, and two-bedroom configurations.

It will feature 50,000 square feet of tenant amenities, including a state-of-the-art fitness center, a swimming pool, a pickle ball court, grilling stations, VR and golf simulator rooms, a club room, private work offices and coworking spaces, a dog salon, a children's playroom, and a sky lounge. Plans also call for an enclosed, 2-story parking garage.

The development site sits on the banks of the Hudson River and will provide phenomenal views of the Manhattan skyline. The structure has also been sustainably engineered in pursuit of LEED Platinum certification, and construction is expected to take until late 2026. RB3 will replace two multifamily buildings, which were recently demolished. The previous buildings, while not incredibly old, were supposedly torn down due to sinking foundations.

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