North Bergen Twp., NJ — New Jersey-based commercial real estate lender, Procida Funding provided a $52.5 million construction loan, on behalf of the 100 Mile Fund, which Procida 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 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. In addition to its proximity to public transportation, the property will also benefit from a clubhouse inclusive of 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,” said 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.”
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