By Joshua Burd
Procida Funding has closed a $3.66 million bridge loan secured by a four-building, mixed-use portfolio across the street from Rutgers University in downtown Newark, the firm announced.
In a news release, Procida said the fully occupied portfolio features six retail units and nine apartments totaling 20,900 square feet. The Englewood Cliffs-based firm completed the transaction through its 100 Mile Fund, which lends on properties within a 100-mile radius of its headquarters office and targets the under $25 million market.
Procida touted the recent wave of investment in the neighborhood and across downtown Newark, including mixed-use and residential developments such as Teachers Village and Hahne & Co., plus new businesses such as the Nike Factory Store and Whole Foods.