New York-based real estate development firm Shorewood Real Estate Group and Brooklyn-based retail operator Bogopa Enterprises recently secured a construction loan for the second phase of the redevelopment of the former P. Ballantine & Sons brewery on Ferry Street. The firms secured a $130 million construction loan from Los Angeles-based financial services firm PCCP to build a new seven-story building at 412-426 Ferry Street, including a 57,000-square-foot Food Bazaar.
A press release from PCCP about the loan says that the entire building will include 501 apartments, retail space, and parking for up to 300 vehicles.
The new building will include studios and one-, two-, and three-bedroom units. Approximately 20% of the units, 101 apartments, have been set aside for affordable housing. Amenities will include a fitness center with a yoga studio, two courtyards, a pool, a basketball court, a co-working space, and bike storage.
Construction of the new building and grocery store is projected to wrap up by the end of 2028 and is estimated to cost $190 million.
The site is immediately adjacent to the first phase of the Ballantine redevelopment, which delivered 280 units and wrapped up construction in April 2025. Jersey Digs reported in May 2022 that Shorewood and Salt Lake City, Utah-based real estate firm Bridge Investment Group led the development, which includes 2,000 square feet of retail space, on-site amenities, affordable units, and 125 parking spaces.
The project had an estimated price tag of $88 million and spans six stories.
Although the building may be more than two years away from housing the new grocery store and residents, PCCP’s announcement marks a major shift in the site’s history. Ballantine & Sons officially shuttered its Newark facility in 1972 after operating in the city for 132 years. The now-demolished building housed several businesses over the years, including Prime Building & Maintenance Supply and High Bar Shirts Co.
Meanwhile, PCCP has been actively investing in commercial real estate in the Garden State in recent months. Jersey Digs reported in October that a joint venture by KRE Group and Russo Development recently secured a $163.9 million loan from PCCP to build a 426-unit development across from the Bergen Town Center shopping center in Paramus.
That agreement came four months after Jersey Digs reported that Skylight Real Estate Partners secured a three-year, $109.5 million loan to refinance the Riello apartment complex, located at 99 George Road. Skylight and PCCP acquired that building in 2022.
Jersey Digs reported in September 2025 that PCCP also provided a $162 million construction loan for Hoboken Urby, located at 256 Observer Highway.
