The Largest Acquisition of 2017
Procida Funding/100 Mile Fund
Gulls Cove II Jersey City, NJ
Size: 107 residental units, 10,300 net leasable SF. Brokers: Kathy Anderson, Progress Capital- Mortgage broker Procida Funding’s construction loan for Gulls Cove II, the Jersey City luxury residence developed by Liberty Harbor North Urban Renewal LLC, is responsible for reviving Jersey City’s waterfront condominium market. Procida Funding’s history with the project dates back to a 2011 loan by its 100 Mile Fund made to finish Phase I. Procida then provided a pre-development loan for Phase II in late 2015, ultimately providing the construction loan in April, 2016 for Gulls Cove II, 107 luxury condominiums with ground floor retail. Units went on sale in 2017 starting at $750 per foot during presales and are now topping $900.
Corporate America Realty & Advisors
Old Water Works Road Old Bridge, NJ
Size: 46+/- acre industrial site. Howard Applebaum, President of Corporate America Realty & Advisors (CARA), procured the sale of an industrial site on Old Water Works Road in Old Bridge, NJ. The site will host a $25M+, 315,000 SF distribution center that will be the first constructed industrial facility, exceeding 130,000 SF, in Old Bridge since the mid-1970’s. Howard, implemented a strategic plan for Kennedy International, Inc. (“KII”) that enabled them to own a “big box” distribution facility. Outside of real estate developers and institutional investors, few (users) have achieved this accomplishment. To achieve his Customer’s goals, Howard created a series of strategic maneuvers in the 8A marketplace for “KII”. He also “bundled” the construction, legal, and Municipal approval process.
MPN Realty, Inc.
910 N 6th Street Philadelphia, PA
Size: 67,070 SF Brokers: Kenneth Mallin and Veronica Blum This was the site of the for former Palmer School slated for redevelopment.