{"id":158835,"date":"2026-03-10T04:02:16","date_gmt":"2026-03-10T04:02:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/158835\/"},"modified":"2026-03-10T04:02:16","modified_gmt":"2026-03-10T04:02:16","slug":"valley-closes-15-million-construction-line-of-credit-for-78-unit-bayonne-rental-project-real-estate-nj","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/158835\/","title":{"rendered":"Valley closes $15 million construction line of credit for 78-unit Bayonne rental project \u2013 Real Estate NJ"},"content":{"rendered":"

The Bayonne Bridge<\/p>\n

By Joshua Burd<\/p>\n

The developer of a 78-unit multifamily project in Bayonne has closed on a $15 million construction line of credit with Valley Bank, the lender announced last week.<\/p>\n

The financing, originated by Valley\u2019s Alfred Sorrentino, will help expand the supply of market-rate apartments at the former Military Ocean Terminal property in the city. That will add to an area that has seen hundreds of new rental units built in recent years, thanks in part to the multiphase project on the peninsula\u2019s south side.<\/p>\n

Valley Underwriter Yon (Paul) Choi and Lending Specialist Yvonne Tuitt supported Sorrentino on the transaction, the firm\u2019s Chris Coiley wrote in a recent LinkedIn post<\/a>, citing their \u201chard work and dedication in getting this transaction across the finish line.\u201d<\/p>\n

\u201cThis project is part of the continued transformation of Bayonne\u2019s waterfront and will play a meaningful role in the revitalization of the surrounding neighborhood,\u201d said Coiley, Valley\u2019s regional president for commercial real estate. \u201cWith the benefit of a 30-year (payment in lieu of taxes), the development is positioned to drive long-term economic growth while contributing to the ongoing redevelopment and revitalization of the Bayonne community.\u201d<\/p>\n


\n \"Print
\n <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Bayonne Bridge By Joshua Burd The developer of a 78-unit multifamily project in Bayonne has closed on…\n","protected":false},"author":2,"featured_media":31598,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[9,24,63,134,136,135],"class_list":["post-158835","post","type-post","status-publish","format-standard","has-post-thumbnail","category-staten-island","tag-new-york","tag-new-york-city","tag-nyc","tag-staten-island","tag-staten-island-headlines","tag-staten-island-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/158835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=158835"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/158835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/31598"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=158835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=158835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=158835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}