The Most Significant/Unique Financial Deal of 2020
Procida Funding & Advisors, Metro Place, North Bergen, NJ
Size of property: 234,091 s/f Loan Size: $52,500,000
Institution: MTC Urban Renewal Company, LLC
Financier: Procida Funding, LLC
Location: 4816-4828 Tonnelle Avenue, North Bergen, NJ
Procida Funding provided a $52,500,000 loan for the ground-up construction of a 214-unit apartment complex in North Bergen Township, NJ. Procida stepped into a stalled, half-built project and negotiated a partnership dispute buyout that resulted in our loan going to repay the previous construction loan which was provided by Santander Bank.
Metro Place will feature a mix of studio, one-bedroom, and two-bedroom rental units. Located directly adjacent to the Tonnelle Avenue Station of the Hudson Bergen Light Rail, Metro Place will benefit from a clubhouse inclusive of a pool, gym, and entertainment space for tenant use.