A rendering of The Washington Lofts at 36 Washington Ave. in Carteret — Courtesy: Procida Funding
By Joshua Burd
The developer of a 242-unit apartment community in Carteret has secured nearly $40 million in financing, under a newly announced transaction by Procida Funding.
The borrower, Forte Real Estate Development, will use the proceeds to build what’s known as The Washington Lofts at 36 Washington Ave. Plans for the project call for 141 one-bedroom units and 101 two-bedroom units, with 9,000 square feet of ground-floor restaurant and retail space.
“We look forward to another project with the Procida team,” said Massimo Pinelli, CEO and president of Forte Real Estate Development. “Their ability to perform and execute in the current environment speaks to the strength and trust of our relationship and their capacity to lend during very challenging times.”
Procida, which is based in Englewood Cliffs, originated the $39.85 million loan through its 100 Mile Fund.
“This will be our third deal with Forte with our current project in Middlesex looking wrap up early 2021,” said Brian Foley, vice president at Procida. “We are excited to keep the relationship going and looking forward to doing much more together.”
