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Cole Schotz Represents Procida Funding in $39.85 Million Construction Loan for NJ Apartment Community

October 26, 2020Attorneys: Leo V. Leyva, Rab N. Nalavala, Jennifer Y. Chung and Nicole Dlugosz
Cole Schotz P.C. represented Procida Funding in providing a $39.85 million construction loan, on behalf of the 100 Mile Fund, for a 242-unit mixed-use property in Carteret, New Jersey.

The loan was provided to Carteret Lofts Urban Renewal LLC for the construction of the building development referred to as “The Washington Lofts.” The mixed-use project will have approximately 7,500 square feet of space for a restaurant and approximately 1,500 square feet of retail space on the ground floor.

The Cole Schotz team included members Leo V. Leyva and Rab N. Nalavala as well as associates Jennifer Y. Chung and Nicole Dlugosz. Procida Funding is a New Jersey-based commercial real estate lender.

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