Procida Funding provided a $39 million construction loan, on behalf of the 100 Mile Fund, to Forte Real Estate Development for its The View at Middlesex apartment development.
The 200-unit apartment building is located at 220 and 232 Lincoln Blvd in the Borough of Middlesex, NJ.
The mixed-use development will transform vacant and under-utilized properties with a five-story, 255,000 s/f building with 200 rental units – 140 one-bedroom units and 60 two-bedrooms.
“This is our second project with Forte. Strong sponsor, great builders,” said Michael Coen, vice president at Procida, which exclusively manages the 100 Mile Fund.
“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.”
“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.”