Procida Recent Loan Payoffs

Located in the heart of Paterson, NJ 185 Broadway is a mixed-use building containing 40 rental units and one retail space. The building, located on a 11,260 SF land parcel, consists of 51,840 square feet of gross building area and 35,080 square feet of net rentable area.
A 200-unit apartment building development project in the Borough of Middlesex, NJ. 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.

Greystone Arranges $45.3 Million Refinance for Forte Real Estate Development’s 200-Unit Multifamily Development in Middlesex, NJ

Greystone, a leading national commercial real estate finance company, announced that it has arranged a $45.3 million loan on behalf of Forte Real Estate Development for The View at Middlesex, a recently-completed 200-unit class-A multifamily property located at 220 Lincoln Boulevard in downtown Middlesex, NJ. The new loan was originated by Benefit Street Partners Realty Trust, Inc. (“BSPRT”) and used to refinance the original construction loan provided by Procida Funding in 2018. The property commenced pre-leasing in late summer, received its first TCO in August, and was approximately 20% leased at loan closing.
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