Kearny Bank Provides $29.5 Million Construction Loan To Rock Solid Builders For Nutley Development

The property involved is a development site located at 116 Harrison Street in Nutley, NJ. The project is identified as Soho Park Residences, which will consist of 85 age-restricted multifamily units. The loan amount secured for the project is $29.5 million, designated for construction purposes with a loan term of 2.5 years at a floating rate. Completion of the project is expected in 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $29,500,000
• Lender: Kearny Bank
• Landlord: Vitali Feldman - Rock Solid Builders
• Brokerage Firm: JLL
• Brokers: Thomas E. Didio, Jr, Gerard Quinn, Michael Mataras & Michael Donohoe

The transaction is backed by Rock Solid Builders Inc., which is represented by Vitali Feldman. The banking institution involved is Kearny Bank, providing the necessary financing for the construction of this multifamily residential project, facilitated through JLL, the brokerage firm responsible for securing the loan.