Procida Funding, announced today it provided a $39,000,000 Construction Loan
Englewood Cliffs, NJ- (December 3, 2019) – New Jersey based commercial real estate lender, Procida Funding, announced today it provided a $39,000,000 Construction Loan, on behalf of the 100 Mile Fund, which Procida exclusively manages. The loan made to Forte Real Estate Development will finance “The View at Middlesex,” a 200-unit apartment building development project in the Borough of Middlesex, NJ.
Forte Real Estate Development is committed to working with Borough of Middlesex to revitalize Lincoln Boulevard. The new mixed-use building at 220 and 232 Lincoln Blvd will transform vacant and under-utilized properties into a vibrant location with amenity-filled apartments, new retail spaces and an improved streetscape. The project features a five-story, 255,000SF building with 200 rental units – 140 one-bedroom units and 60 two-bedrooms.
“Procida has been a loyal partner in the financing of this project,” said Massimo Pinelli, President & CEO of Forte Real Estate Development. “Their support and belief in the project paired by a flawless loan administration has made the process very simple and the efficient.”
“This is our second project with Forte. Strong sponsor, great builders,” said Michael Coen, Vice President at Procida. “We have been doing this new investment strategy of providing ‘pre-construction’ loans that get the borrower to a finished foundation. In this case, things were going so well, we decided to keep going.”
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