Kearny Bank announced the closing of a $37.25 million construction loan to Belvidere Urban Renewal LLC, providing the financial engine for a massive new warehouse and distribution facility in Warren County. The funding will cover site improvements and construction costs for the 370,000-square-foot project, which has already broken ground.
Located on a 37-acre site along Manunka Chunk Road, the state-of-the-art cross-dock facility is designed to meet the soaring demand for logistics space in Northern New Jersey. The project is a key component of the town’s broader redevelopment strategy, aimed at transforming underutilized land into a modern industrial hub.
The new facility is engineered for high-velocity logistics, featuring a 353,000-square-foot footprint supplemented by a two-story office component. Strategically located less than a mile from Route 46, the site offers seamless regional access for distribution.
Key Project Specifications:
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Total size: 370,000 sq. ft. (with expansion potential up to 413,000 sq. ft.).
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Logistics infrastructure: 95 loading docks and 88 trailer stalls.
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Modern design: 42-foot clear ceiling heights and efficient 360-degree site circulation for heavy trucks.
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Timeline: Construction is scheduled for completion in early 2027.
The loan underscores Kearny Bank’s aggressive expansion in the commercial real estate (CRE) sector. Over the past two years, the Fairfield-based lender has provided more than $500 million in financing for projects spanning from Maryland to Connecticut.
“This loan reflects Kearny Bank’s commitment to supporting commercial development throughout our markets—like Belvidere and the Warren County area,” Gary Brozowski, director of Commercial Real Estate Lending at Kearny Bank said. “We’re pleased to work with clients like Belvidere Urban Renewal on projects that strengthen local economies and foster sustained growth.”
The project is expected to be a significant economic driver for Belvidere, which has utilized a PILOT (Payment in Lieu of Taxes) program to attract large-scale industrial investment.
| Impact Metric | Estimated Benefit |
| Construction Jobs | 150+ temporary roles |
| Permanent Jobs | 100–200 logistics & maintenance roles |
| Tax Revenue | Estimated $1.25 per square foot via PILOT |
| Community Gains | Comprehensive landscaping to buffer residential views |
The project’s approval in 2024 as a “variance-free development” highlights the collaborative effort between developers, engineers at Bohler, and town officials to ensure the project meets all local environmental and zoning ordinances.
