First Niagara finances $30 million redevelopment project in Kearny, New Jersey
KEARNY, NJ — First Niagara’s Commercial Real Estate Group has closed on a $30 million loan with DVL Kearny Holdings, LLC, a wholly-owned subsidiary of DVL, Inc., for the redevelopment of an industrial site in Kearny.
The site will be anchored by an 88,000 s/f BJ’s Wholesale Club with an additional 52,000 s/f of retail space.
The site at 132-144 Passaic Ave. and is part of the Passaic Avenue Redevelopment Plan, is expected to be completed in the fourth quarter of 2015.
"We have worked with First Niagara many times over the past years," said 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."
Ryan Crouthamel, First Niagara’s vice president of Commercial Real Estate who is managing the transaction for the Bank said, "First Niagara is committed to providing financing for projects that revitalize neighborhoods throughout the region."