2B — December 14 -27, 2018 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

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Early stage loan toMiddlesex Residential Urban Renewal Procida Funding provides $9.2million construction loan


and develops medium to large size residential properties in New Jersey. The firm plans to utilize the loan provided by the 100 Mile Fund to build a new, mixed-use building at 220 and 232 Lincoln Boule- vard that will transform va- cant and under-utilized prop- erties into a vibrant location with amenity-filled apart- ments, new retail spaces, and an improved streetscape. The new development will feature 200 units comprised of one-bedroom apartments, one-bedroom apartments with a den, and two-bedroom

apartments. It will also in- clude three retail spaces for new businesses and will have over 10,000 s/f of indoor and outdoor communal space. “The Pinelli brothers are strong borrowers that we have worked with in the past,” said Brian Foley , head of originations. “This team built a very similar project just blocks away, on time and on budget. The price point is right and is the only project of comparable size coming on the market in the Middlesex Borough of New Jersey.” The 100 Mile Fund is an open-ended real estate in- vestment vehicle exclusively managed by Procida Fund- ing, LLC. The Fund provides bridge, construction, mez- zanine, and preferred equity financing for value add, dis- tressed, and special opportu- nistic situations within 100 Miles of New York City.  welcomes Cottage Gate at Navesink MIDDLETOWN, NJ — FirstService Residential recently contracted to provide property management services to Cottage Gate at Navesink. The development, comprised of single family homes, is located in the Atlantic Highlands sec- tion of Middletown. “Our team is honored to serve as the management partner for this boutique community,” said TedGammon , executive direc- tor, FirstService Residential.  a section of the MARE Real Estate Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 Fax: 781-740-2929 www.marejournal.com New Jersey FirstService Residential

IDDLESEX, NJ — New Jersey based commercial real es-

1-800-SEBCO-88 (1-800-732-2688)

tate lender, Procida Fund- ing, LLC recently provided a $9.2 million pre-development/ early stage construction loan to Middlesex Residential Ur- ban Renewal, LLC, on behalf of The 100 Mile Fund which Procida exclusively manages, to revitalize Lincoln Blvd. in Middlesex. Forte Real Estate De- velopment is an impact real estate development, invest- ment, and operations firm that invests in, repositions,

http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com


Long Branch, NJ 169 Luxury Units Joni Sweetwood ext. 273

Bethlehem, PA 61 Residential Units Robert Holland ext. 285 Justin Lupo ext. 225

Newark, NJ 10 Residential Units, 6 Retail Julie Gralla ext. 265

Marlton, NJ 33,270 SF Office Barry Waisbrod ext. 272

Cherry Hill, NJ 45,683 SF Office Barry Waisbrod ext. 272

South Brunswick, NJ 2.27± Corner Lot Matt Weilheimer ext. 253

Account Executive Kim Brunet kbrunet@marejournal.com Section Editor Karen Vachon editor@marejournal.com

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