BELVIDERE, N.J. (Warren County) — Kearny Bank has provided $37.25 million in financing to Belvidere Urban Renewal LLC to support construction of a large-scale warehouse and distribution facility in Warren County, the bank announced.
The loan will help fund site improvements and construction costs for a warehouse project totaling approximately 370,000 square feet in Belvidere. Construction is underway and is expected to be completed in early 2027.
“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 at Kearny Bank. “We’re pleased to work with clients like Belvidere Urban Renewal on projects that strengthen local economies and foster sustained growth.”
The project is being developed by Belvidere Urban Renewal LLC, an affiliate of Ramsey-based Krame Development Co. Inc. The facility is located off Manunka Chunk Road in Belvidere on approximately 38 acres.
Plans call for a state-of-the-art warehouse and distribution building delivering about 373,000 square feet, with an initial footprint of roughly 353,000 square feet and the ability to expand by an additional 40,000 square feet. The building is designed to rise to 50 feet with more than 42 feet of clear height, allowing for flexible use by one or multiple tenants.
The site will include 95 loading docks, 88 trailer stalls and 219 automobile parking spaces, with internal circulation designed to efficiently accommodate both truck and passenger vehicle traffic. The property is located less than one mile from a signalized intersection on Route 46, providing regional access for logistics and distribution operations.
Utilities at the site include public water and sewer, with electrical service available as needed. The project is operating under a Payment in Lieu of Taxes (PILOT) program, with real estate taxes estimated at approximately $1.25 per square foot.
Kearny Bank said the financing aligns with its broader commercial lending activity. Over the past two years, the bank has provided more than $500 million in financing for commercial real estate projects across New Jersey, New York, Connecticut, Delaware, Maryland and Pennsylvania.
