Procida fund finances urban renewal development
New Jersey based commercial real estate lender, Procida Funding, provided a $9,200,000 pre-development/early stage construction loan to Middlesex Residential Urban Renewal, LLC, on behalf of The 100 Mile Fund which Procida exclusively manages, to revitalize Lincoln Boulevard in Middlesex, NJ.
Forte Real Estate Development is an impact Real Estate development, investment, and operations firm that invests in, repositions, and develops medium to large size residential properties in New Jersey.
The firm plans to utilize the loan provided by the 100 Mile Fund to build a new, mixed-use building at 220 and 232 Lincoln Boulevard that will transform vacant and under-utilized properties into a vibrant location with amenity-filled apartments, new retail spaces, and an improved streetscape.
The new development will feature approximately 200 units comprised of one-bedroom apartments, one-bedroom apartments with a den, and two-bedroom apartments. It will also include three retail spaces for new businesses and will have over 10,000 square feet of indoor and outdoor communal space.
“The Pinelli brothers are strong borrowers that we have worked with in the past,” says Brian Foley, Head of Originations.
“This team built a very similar project just blocks away, on time and on budget. The price point is right and is the only project of comparable size coming on the market in the Middlesex Borough of New Jersey.”
The 100 Mile Fund is an open-ended real estate investment vehicle exclusively managed by Procida Funding, LLC.
The Fund provides bridge, construction, mezzanine, and preferred equity financing for value add, distressed, and special opportunistic situations within 100 Miles of New York City.
The Fund is currently open to accredited investors pursuant to a Private Placement Memorandum and subject to all rules and regulations of the SEC as well as state and federal laws.
(By REW / December 5, 2018 / https://rew-online.com/)