Brokerage Cushman & Wakefield recently announced it served as the exclusive advisor to Banker Residential in arranging a joint-venture with Woodmont Properties to develop in Bayonne. Woodmont acquired a majority stake in the venture, currently under construction at 190 West 54th Street, Bayonne.
Cushman and Wakefield’s equity debt and structured financed team of John Alascio, Brian Whitmer, Sridhar Vankayala and Gloria Aboagye-Agyeman represented the sponsor, Baker Residential in the transaction.
“Located along John F. Kennedy Boulevard and adjacent to the 40-acre Richard A. Rutkowski Park, the proposed Project will feature 220 market-rate units, views of Manhattan and The Port of Newark, covered parking, a community pool, landscaped courtyards, a roof top terrace, club room, fitness center, pet spa, and direct access to the Richard Rutkowski park,” Cushman & Wakefield said in a news release.
Woodmont anticipates completion of the development by spring 2019. The developer broke ground on the development in October 2017.