Englewood Cliffs-based commercial real estate lender Procida Funding on June 22 announced the recent payoff of an $18,500,000 construction loan.
Provided to Strategic Properties on June 7, 2019, loan proceeds were utilized for the development of the “Nest Micro-Apartments,” a 122-unit micro-apartment building in the Journal Square section of Jersey City.
Through the collaboration of a sponsorship team and March Associates Construction Inc., the project was completed and is currently being leased.
Nest Micro-Apartments is a 43,310-square-foot Class-A multifamily building with one ground-floor retail unit. The building was constructed atop a 9,294-square-foot vacant land parcel at 184-190 Academy St. in Jersey City.
“When this deal initially came in, it had been heavily shopped in the marketplace with little success. The sponsors had a relatively small track record and originally chose the wrong GC for the job; not to mention that this property was the first of its asset class in the area. However, with our local presence and expertise, we were able to mitigate those risks in order to perform seamlessly for the sponsor,” said Procida Funding Vice President Brian Foley.
“This is a product I think we will be seeing much more of,” noted Procida Funding Vice President Derek Weissman. “This is a perfect example of how we can help our clients throughout the development process. We worked with the sponsorship team to replace their GC with March Construction and proceeded to provide aid throughout the life of the project to ensure its success. Our team was on site multiple times a week. We are thrilled to be part of such a transformative project.”
The building is now open for leasing with tenants beginning to occupy its units. Apartments start at $1,395.
Flip Sigi “The Original Filipino Taqueria” will move in this fall as it continues to expand its footprint throughout North Jersey.