Carteret, NJ- (October 8, 2020) – New Jersey based commercial real estate lender, Procida Funding, announced today it provided a $39,850,000 construction loan, on behalf of the 100 Mile Fund, which Procida exclusively manages. The loan made to Forte Real Estate Development will finance “The Washington Lofts,” a 242-unit mixed-use apartment building development project in the Borough of Carteret, NJ. Forte Real Estate Development is committed to working with Borough of Carteret to get this project built. With a gross buildable area of about 240,000 square feet, the mixed-use project till have 7,500 square feet of space for a restaurant and 1,500 square feet of retail space on the ground floor. The upper floors will consist of 141 one-bedroom units and 101 two-bedroom units. “We look forward to another project with the Procida team,” said Massimo Pinelli, President & CEO of Forte Real Estate Development. “Their ability to perform and execute in the current environment speaks to the strength and trust of our relationship and their capacity to lend during very challenging times.” “This will be our third deal with Forte with our current project in Middlesex looking wrap up early 2021,” said Brian Foley, Vice President at Procida. “We are excited to keep the relationship going and looking forward to doing much more together.”
The gutted factory on the South Side will be converted to 59 apartments. The $9.5 urban renewal project at 457 W. Lincoln St. is across from the Mill at Easton, a workforce housing development going in at the site of a demolished silk mill. It’s catty-corner to the newly-constructed Cheston Elementary School.
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