New Jersey-based commercial real estate lender, Procida Funding, announced today it provided a $52,500,000 construction loan, on behalf of the 100 Mile Fund, which Procida exclusively manages.
The loan made to the Demetrakis family, prolific builders in the northern New Jersey submarkets, will finance “Manhattan Transit Village North Bergen,” a ground up 214-unit apartment complex set to rise on the site of a former mobile home park in North Bergen Township, NJ. Cole Schotz P.C. was lender’s counsel on the closing.
Manhattan Transit Village will feature a mix of studio, one bedroom and two-bedroom rental units spread across four buildings located directly adjacent to the Tonnelle Avenue Station of the Hudson Bergen Light Rail. The property will also has a clubhouse with a pool, gym, and entertainment space for tenant use.
“The Demetrakis family and Procida have been trying to do a deal for a very long time,” noted Brian Foley, Vice President at Procida. “We are very excited about this deal and believe that it will be good start to long and prosperous relationship.”
“I’ve known Jimmy Demetrakis almost 40 years now. Back when we met there was no ‘Jersey Gold Coast’,” said Billy Procida, President and Founder of Procida Funding.
“He is possibly single handedly responsible for what is now called the Gold Coast. Not to mention his girls have grown up eating and sleeping real estate; they are great young ladies and I hope to do more with them.”
Alexis Pizzurro and Arianne Schreer, daughters of Demetrakis, have been active in their father’s business for the last decade, running the leasing and management on over 1,000 units including the $100,000,000 Towne Centre in Cliffside Park. “This step is just natural for us,” said Pizzurro and Schreer. “We’ve grown up in this business learning it at the kitchen table at a young age, we hope to live up to the legacy he has left us and utilize the skills he has taught us.”