Real estate lender Procida Funding LLC announced on Wednesday that it provided an $18.5 million construction loan, on behalf of the 100 Mile Fund, which Procida exclusively manages.
The loan made to Keith Schwebel and Ken Sato of Strategic Properties LLC will finance “Nest Micro-Apartments,” a 122-micro-unit apartment building development project in the Journal Square section of Jersey City. Total project capitalization is $25 million.
This project is the first micro-apartment building in Jersey City.
Nest Micro-Apartments will be a 43,310-gross-square-foot, 122-micro-unit studio, Class A multifamily building with one retail unit building constructed on a 9,294-square-foot vacant land parcel located at 184-190 Academy St.
The project was designed by architect Richard Garber of GRO Architects and is being built by March Associates Construction.