A rendering of a 27-unit apartment building in Paterson — Courtesy: Procida Funding & Advisors
By Joshua Burd
Procida Funding & Advisors has originated a $5.45 million construction loan to the developer of a new apartment and retail building in Paterson.
The Englewood Cliffs-based firm said the borrower, Charles Florio, is planning to build 27 market-rate multifamily units and a 2,263-square-foot ground-floor commercial space. The four-story project also calls for 21 parking spaces, as well as an amenity space for bike storage and a gym.
Florio is a longtime Procida client. The deal is also the latest in several loans that the firm has originated in Paterson in recent years.
