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RED BANK, NJ-Pyramid Equities has obtained a $19.93-million construction loan for the Metropolitan Red Bank, a residential condo project at 23 Wallace St. in this city’s primary retail and entertainment district. The Woodbridge-based Pyramid’s plan calls for 37 luxury condos, 6,000 sf of commercial space to be leased as professional offices on the first floor and a below-grade parking garage.

The financing, which was provided by Commerce Bank, was arranged for Pyramid Equities by Jon Mikula, senior managing director in the Florham Park office of Holliday Fenoglio Fowler. Terms of the financing were not released.

“The target market for this project is young professionals and empty nesters that are attracted to Red Bank for its easy commute to New York City or Philadelphia,” Mikula says. The Metropolitan Red Bank is slated for delivery in the summer of 2007.

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