3
NUTLEY, N.J. — Rock Solid Builders Inc. has received a $29.5 million loan for the construction of a new active adult development in Nutley, New Jersey.
Kearny Bank provided the 2.5-year, floating-rate financing.
Completion of the development is scheduled for spring 2027. Upon completion, the property, Soho Park Residences, will feature 85 age-restricted units for residents ag 55 and older. Units will include one- and two-bedroom layouts, with an average apartment size of 1,110 square feet. Amenities at the community will include a fitness and wellness center, library, swimming pool and sun deck, grills, firepits and a clubroom.
JLL Capital Markets arranged the loan on behalf of Rock Solid Builders.