A rendering of The View at Middlesex, a planned 200-unit luxury apartment building on Lincoln Avenue in Middlesex Borough — Courtesy: Procida Funding/Forte Real Estate Development
By Joshua Burd
A developer has landed $39 million in construction financing for a new 200-unit apartment complex in Middlesex County, under a newly closed transaction by Procida Funding.
The lender, which is based in Englewood Cliffs, is providing the construction loan to Forte Real Estate Development for the project known as The View at Middlesex. Located at 220 and 232 Lincoln Blvd. in Middlesex Borough, the development will feature a five-story, 255,000-square-foot building with 140 one-bedroom units and 60 two-bedrooms.
Procida has made the loan through its 100 Mile Fund, an open-ended real estate investment vehicle that it manages.
“Procida has been a loyal partner in the financing of this project,” said Massimo Pinelli, CEO and president of Forte Real Estate Development. “Their support and belief in the project paired by a flawless loan administration has made the process very simple and the efficient.”
The View will mark Forte’s second large residential project in its hometown of Middlesex Borough, following its recent delivery of the 146-unit rental complex known as The Lofts at Middlesex. Its newest development will transform vacant and underutilized properties into a community with high-end amenities, new retail spaces and an improved streetscape.
“This is our second project with Forte. Strong sponsor, great builders,” said Michael Coen, a vice president at Procida. “We have been doing this new investment strategy of providing ‘pre-construction’ loans that get the borrower to a finished foundation. In this case, things were going so well, we decided to keep going.”