Forte Real Estate Secures $39M Construction Loan for Middlesex Multifamily Project
The View at Middlesex is a planned five-story 200-unit apartment building that will be built at 220 and 232 Lincoln Blvd.
MIDDLESEX, NJ—Locally-based Forte Real Estate Development has secured a $39-million construction loan to finance the development of its The View at Middlesex apartment development here.
The funding was provided by Englewood Cliffs, NJ-based Procida Funding on behalf of the 100 Mile Fund, which Procida manages.
The View at Middlesex is a planned five-story 200-unit apartment building that will be built at 220 and 232 Lincoln Blvd. The project will transform vacant and under-utilized properties into a development that will offer amenity-filled apartments, new retail spaces and an improved streetscape.
The 255,000-square-foot project will feature 140 one-bedroom units and 60 two-bedrooms units.
“Procida has been a loyal partner in the financing of this project,” says Massimo Pinelli, president & CEO 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 efficient.”
Michael Coen, VP at Procida, notes that the financing for the View at Middlesex marks the second project the firm has financed with Forte.
Cole Schotz P.C. served as Procida’s legal counsel in the transaction. The Cole Schotz team included members Leo Leyva and Rab Nalavala, associate Jennifer Chung and paralegal Basira Miah.