Procida Funding Provides $52M Construction Loan for Multifamily Project in North Bergen, New Jersey
NORTH BERGEN, N.J. — Procida Funding has provided a $52.5 million construction loan for Manhattan Transit Village North Bergen, a 214-unit multifamily project in North Bergen Township, located across the Hudson River from Manhattan. The property will be located adjacent to the Tonnelle Avenue public transit station and will feature a mix of studio, one- and two-bedroom units, as well as a pool and a fitness center. The borrower and developer was the Demetrakis Family. Specific loan terms were not disclosed.