Los Angeles-based real estate finance and development firm PCCP has provided a $130 million senior loan to finance construction of Ballantine Phase II, a seven-story, 501-unit (400 market-rate and 101 affordable), grocery-anchored multifamily project at 412-426 Ferry St. in Newark’s Ironbound section.
The borrowers are a joint venture between Bogopa Enterprises and Shorewood Real Estate Group. Demolition is complete, with construction expected to finish in the fourth quarter of 2028.
A 57,500-square-foot Food Bazaar will anchor the ground floor, alongside 300 parking spaces. The residential program runs from studios through three-bedroom units, with 24/7 concierge, a fitness center with a yoga studio, two courtyards, a pool, a basketball court, co-working space, and bike storage. The site is adjacent to Ballantine Phase I, a 280-unit property Shorewood delivered in April 2025 that is now stabilized…