Procida Funding’s $14.5 million construction loan has led to the completion of the final phase of Paris Square, a luxury 55-plus adult condo community in Northvale, according to a Monday announcement from the Englewood Cliffs-based advisory group.
Phase one and Phase two have already sold out, and Phase three is expected to be just as successful. The final phase of Paris Square adds 46 single-floor luxury condominiums spread across three separate elevator buildings, with the first five units hitting the market in early March.
Procida Funding, which provided the loan on behalf of its 100 Mile Fund, was also instrumental in counseling the developer, Ray Reduce Development, and sales team on market conditions and product development as part as its funding services.
“I know this area well, I lived next door in Norwood for 25 years. That’s exactly what Procida Funding does — we invest in our backyard. Working with the developer, we were able to put together a local dream team and we knew they’d do phenomenal job,” said Billy Procida, founder and CEO of Procida Funding. “From Ray Reduce Development to the architects at Zampolin and Coldwell Banker’s Anne Van Dyke — there’s no doubt we will see a quick sellout of all units in the final phase.”
Final phase prices range from low $400,000 to mid-$600,000 and come in one-, two- and three-bedroom floorplans. Each condo features 9-foot ceilings, gourmet kitchens, wide plank wood flooring, in-unit washer dryers, video intercoms and indoor parking spaces.
In the amenity-rich community, owners at Paris Square enjoy an in-ground heated pool, fitness center, a stadium-style theater and a clubhouse with a fireplace. Paris Square is also right next door to the 27-hole Rockleigh Golf Course and equestrian facilities with easy access to shopping and restaurants.
“Combining Northvale’s team with ours has been a win-win since they closed on the loan in December 2020. They’re local, we’re local,” Procida said. “Combining all that local experience is what we do best at Procida. We pick the winners and run with them.”
Van Dyke, with Coldwell Banker Global Luxury, has been chosen to list Paris Square’s new availabilities.