PCCP has closed a $130 million senior loan for a 501-unit rental project at the former Ballantine brewing site in Newark, according to Re-NJ.
The loan backs a residential tower already under construction on the site, long known for the Ballantine beer brewery that once operated there, Re-NJ reported October 29. The outlet did not name the project's developer or general contractor in its report.
Newark has absorbed a string of large rental deliveries over the past several years as developers convert former industrial parcels near the city's core, and a 501-unit building is large enough to need sustained trade crews through completion — framing, MEP, finishes and amenity build-out all scaled to a full city block's worth of units.
What to do next: Re-NJ's report did not name a completion date or the trades still being procured. Essex County subcontractors working multifamily interiors should track the project's progress through Newark's planning and construction permit records, since a $130 million senior loan of this size typically signals the job is moving toward vertical construction or already underway rather than sitting in predevelopment.