KEARNY, NJ—First Niagara's Commercial Real Estate Group is providing a $30 million loan to DVL Kearny Holdings for the redevelopment of an industrial site in Kearny, NJ. The site will be anchored by an 88,000 square-foot BJ's Wholesale Club, with an additional 52,000 square feet of mid-box and in-line retail.
The site, located at 132-144 Passaic Avenue, is part of the Passaic Avenue Redevelopment Plan. The redevelopment is expected to be completed in the fourth quarter of 2015. In the early part of the 20th century, the Passaic Avenue Redevelopment Area was the site of waterfront manufacturing, but has since been designated for economic revitalization.
“We have worked with First Niagara many times over the past years,” says Alan Casnoff, president of DVL, Inc. “They understand the development process, as well as the need to customize the transaction to meet the requirements of the project.”
“First Niagara is committed to providing financing for projects that revitalize neighborhoods throughout the region. We are pleased to work with DVL Kearny Holdings, LLC to move this project to completion,” says Ryan Crouthamel, First Niagara's vice president of commercial real estate, who is managing the transaction for the bank.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
