Procida Funding LLC announced Friday The 100 Mile Fund, which the company manages exclusively, provided a $9,200,000 pre-development/early stage construction loan to Middlesex Residential Urban Renewal LLC.
According to Englewood Cliffs-based Procida, the funding will be used for the revitalization of Lincoln Boulevard in Middlesex.
Real estate developer Forte Real Estate Development, of Middlesex, will construct a new, mixed-use building at 220 and 232 Lincoln Blvd. featuring about 200 residential units, three retail spaces and more than 10,000 square feet of indoor and outdoor communal space, Procida said.
“This team built a very similar project just blocks away, on time and on budget,” Brian Foley, head of originations, said in a prepared statement. “The price point is right and is the only project of comparable size coming on the market in the Middlesex Borough …”