The future site of Manhattan Transit Village North Bergen, a planned 214-unit multifamily project adjacent to the Hudson-Bergen Light Rail’s Tonnelle Avenue Station between 49th and 51st streets in North Bergen — Courtesy: Procida Funding
By Joshua Burd
A planned 214-unit apartment development in North Bergen is moving ahead with the help of a newly announced, $52.5 million construction loan by Procida Funding.
The Englewood Cliffs-based lender said it provided the financing to the Demetrakis family, a longtime builder in northern New Jersey, through its 100 Mile Fund. The loan will support what will be known as Manhattan Transit Village North Bergen, a ground-up project adjacent to the Hudson-Bergen Light Rail’s Tonnelle Avenue Station between 49th and 51st streets.
Cole Schotz P.C. was the lender’s counsel on the closing.
“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.”
In a news release, the lender and advisory firm said Manhattan Transit Village will feature a mix of studio, one-bedroom and two-bedroom rental units spread across four buildings. Plans also call for a clubhouse with a pool, gym and entertainment space for tenant use.
Procida Funding President and Founder Billy Procida noted that his relationship with Jimmy Demetrakis, the family patriarch, goes back nearly 40 years.
“Back when we met there was no ‘Jersey Gold Coast,’ ” Procida said. “He is possibly single-handedly responsible for what is now called the Gold Coast. Not to mention his girls have grown up eating and sleeping real estate; they are great young ladies and I hope to do more with them.”
Demetrakis’ daughters, Alexis Pizzurro and Arianne Schreer, have been active in the business for the last decade, running the leasing and management on more than 1,000 units including the $100 million Towne Centre in Cliffside Park.
“This step is just natural for us,” Pizzurro and Schreer said in a joint statement. “We’ve grown up in this business learning it at the kitchen table at a young age, we hope to live up to the legacy he has left us and utilize the skills he has taught us.”