Paris Square at 199 Paris Ave. in Northvale — Courtesy: Procida Funding
By Joshua Burd
A development team has marked the long-awaited completion of an age-restricted, 111-unit condominium complex in the Bergen County borough of Northvale.
Procida Funding, a lender in the project, announced this week that client Northvale Greens LLC has opened the final section of what’s known as Paris Square at 199 Paris Ave. With an initial phase of 45 apartments and 20 townhouses sold out, the developer is now unveiling 46 single-floor luxury condos spread across three separate elevator buildings, each with indoor parking.
“This is exactly what Procida Funding does — we stay local by investing in our backyard and we were successful on this project because we put together a local dream team who we knew would do a phenomenal job,” said Billy Procida, CEO of Englewood Cliffs-based Procida Funding. “Our entire development team has decades of experience working in this area so by combining all that local experience we were able to get this over the finish line.”
Procida Funding’s $14.5 million construction loan to Northvale Greens led to the completion of the final section of Paris Square, according to a news release. The first building of 14 apartments sold out quickly, while the developer has since sold more than 40 percent of the next section.
Homes in the final phase are priced in the low $400,000s to the high $600,000s.
“When you have a project that is infamous for being stalled you know the single most important thing is to finish,” said Alvin Sarter, managing member of Northvale Greens LLC. “And with current market conditions, I knew I needed a partner who was as determined as me to do just that and that’s why I went with Procida. I am very happy to have authored the final chapter of this story and I couldn’t have done it without the support of my Procida family and the entire Paris Square development team.”
Procida and Sarter were on hand earlier this week to unveil the final phase of Paris Square, joining Northvale Mayor Patrick J. Marana and representatives of ConnectOne Bank, Ray Reduce Development and Coldwell Banker.
“ConnectOne Bank is proud to be the funding partner of the Paris Square luxury condo project,” said Mark Zurlini, executive vice president and chief lending officer at ConnectOne Bank. “This initiative is a prime example of local leaders coming together and collaborating to deliver custom solutions, ultimately driving value for our communities. Procida Funding’s strategic advisory provided the vision and leadership to align the key stakeholders and bring this project to fruition.”
Condos at the 55 and older community come in one-, two- and three-bedroom floorplans with each featuring high-end finishes, appliances and fixtures, the news release said. Amenities include an in-ground heated pool, a fitness center, a stadium-style theater and a clubhouse with a fireplace and billiards rooms.
“Great teams make great projects, and the success of Paris Square can be attributed to the fact that everyone involved pulled their weight,” said Ray Reduce, CEO of Ray Reduce Development. “Our job was to bring Alvin’s vision to life and with Procida involved we knew we had the support needed to get this done.”
Anne Van Dyke of Coldwell Banker Global Luxury is the listing agent for Paris Square’s new availabilities.
Procida touts completion of Northvale condo project after $14.5 million construction loan