Paris Square at 99 Paris Ave. in Northvale — Courtesy: Procida Funding & Advisors
By Joshua Burd
Procida Funding & Advisors has originated a $14.5 million construction loan to the developer of an age-restricted condominium property in Bergen County.
The lender on Tuesday announced the financing as the latest deal to come from its 100 Mile Fund, a long-running investment vehicle. The borrower, Northvale Greens LLC, will use the proceeds for the 46-unit project at 99 Paris Ave. in Northvale.
In a news release, Procida said the project’s first phase comprised the construction of 24 apartment condominium units, four completed two-story townhouse units and five building pads for additional condos. The Paris Square development will consist of floorplans ranging from one to three bedrooms.