Procida Funding has provided a $20.5 million construction loan to the owner of a multifamily development site at 439 Schuyler Ave. in Kearny. — Rendering courtesy: Procida
By Joshua Burd
Procida Funding has originated a $20.5 million construction loan to the owner of a multifamily development site in Kearny, where plans call for a project with 69 apartments.
According to the lender, the property at 439 Schuyler Ave. is approved for a five-building, 123,938-square-foot structure with a parking garage. It’s primed to benefit from its location two miles from the Harrison PATH station and its proximity to Newark Penn Station, Jersey City’s Journal Square neighborhood, Newark Liberty International Airport and Lower Manhattan.
Additionally, the site is minutes from the New Jersey Turnpike and interstates 280 and 78, Procida said. It’s also across the street from Gunnell Oval Municipal Sports Complex, which underwent a $23 million renovation in 2019.
RVN Enterprises LLC is the project’s construction manager on behalf of the sponsor, Helio Antunes.