A new 353,525-square-foot industrial building is coming to Manunkachunk Road in Belvidere under a project by Belvidere Urban Renewal LLC. — Rendering by Anderson Design Group / Courtesy: Kearny Bank
By Joshua Burd
A developer has landed more than $37 million in financing from Kearny Bank for a nearly 354,000-square-foot warehouse project that’s rising in western Warren County.
According to the project team, construction is underway at 120 Manunka Chunk Road in Belvidere and slated for completion this spring. The new facility is coming to the roughly 37-acre site under a project by Belvidere Urban Renewal LLC, an affiliate of Ramsey-based Krame Development Co. Inc., with plans calling for 40-foot clear ceiling heights, roughly 17,000 square feet of mezzanine space, 92 loading spaces and parking for 213 cars and 82 trailers.
Fairfield-based Kearny Bank said the $37.25 million loan will help fund the project’s site improvements and construction costs. March Associates Construction is building the facility —located a mile from Route 46, three miles from the Pennsylvania border and eight miles from Interstate 80 — as part of a team that also includes ADG Architects and Bohler.
Cushman & Wakefield’s Torsten Thaler, Hunter Kessell, Thomas Tucci and Gerry Blinebury are marketing the project, which has a 30-year payment in lieu of taxes agreement.
“This loan reflects Kearny Bank’s commitment to supporting commercial development throughout our markets — like Belvidere and the Warren County area — where we have the privilege of conducting business,” said Gary Brozowski, director of commercial real estate lending. “We’re pleased to work with clients like Belvidere Urban Renewal on projects that strengthen local economies and foster sustained growth.”
The lender added that, in the past two years, it has provided more than $500 million in financing for commercial real estate projects in New Jersey, New York, Connecticut, Delaware, Maryland and Pennsylvania.
