Procida Funding provided a $20.5 million construction loan to HA Capital Holding LLC, on behalf of the 100 Mile Fund, which Procida exclusively manages, according to an announcement from the Englewood-based firm.
HA Capital plans to use the money to fund a 69-unit mixed-use apartment building project at 439 Schuyler Ave. in Kearny.
Located just two miles from the Harrison PATH station and three miles from Newark Penn Station, the 123,938-square-foot project will have 130 parking spaces.
RVN Enterprises LLC is the project’s construction manager on behalf of the sponsor, Helio Antunes.
“I am really looking forward to working with Procida & RVN to get this project built,” Antunes said. “The team worked with me to find creative solutions to get this project closed when others would not. I am excited to have them as partners.”
“Helio is a young and hungry developer,” Brian Foley, one of the partners at Procida, stated. “We are excited to keep the relationship going and looking forward to doing much more together.”
Cole Schotz represented the lender on the transaction.
