PJ Finley Of PCCP Provides $130 Million Senior Loan For Newark Development Site

A senior loan was provided by PCCP for Ballantine Phase II, a development project located at 412-426 Ferry Street in Newark, NJ. The asset comprises a development site intended for a 501-unit apartment complex along with a 57,500-square-foot Food Bazaar, featuring a total of 400 market-rate and 101 affordable apartments. The project is scheduled for completion in late 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $130,000,000
• Lender: PJ Finley - PCCP
• Landlord: S. Lawrence Davis - Shorewood Real Estate Group; Bogopa Enterprises

The development project is spearheaded by Bogopa Enterprises and Shorewood Real Estate Group, with S. Lawrence Davis representing the landlord. The distinction of this project lies in its mix of apartment offerings, including both market-rate and affordable units, demonstrating a commitment to varied housing options in Newark’s Ironbound neighborhood.