Paris Square at 199 Paris Ave. in Northvale — Courtesy: Procida Funding
By Joshua Burd
A developer has completed an upscale active adult condominium complex in Bergen County with the help of a recent $14.5 million construction loan by Procida Funding.
The lender, which provided the debt through its 100 Mile Fund, said the final phase of Paris Square in Northvale adds 46 single-floor luxury units spread across three elevator buildings. The first five homes were slated to hit the market in early March, with prices ranging from the low $400,000s to mid-$600,000 for the mix of one-, two- and three-bedroom floorplans.
Procida also counseled the borrower, Northvale Greens, and its sales team on market conditions and product development as part as its funding services.
“I know this area well, I lived next door in Norwood for 25 years,” said Billy Procida, founder and CEO of Procida Funding in Englewood Cliffs. “That’s exactly what Procida Funding does — we invest in our backyard. Working with the developer, we were able to put together a local dream team and we knew they’d do phenomenal job.
“From Ray Reduce Development to the architects at Zampolin and Coldwell Banker’s Anne Van Dyke — there’s no doubt we will see a quick sellout of all units in the final phase.”
Procida noted that the first two phases of Paris Square have sold out. Amenities at the property include an in-ground heated pool, a fitness center, a stadium-style theater and a clubhouse with a fireplace, while residents are next door to the 27-hole Rockleigh Golf Course and equestrian facilities and minutes from shopping and dining.
“Combining Northvale’s team with ours has been a win-win since they closed on the loan in December 2020,” Procida said. “They’re local, we’re local. Combining all that local experience is what we do best at Procida. We pick the winners and run with them.”
Procida inks $14.5 million construction loan for Bergen condo project
