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.”
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