ENGLEWOOD CLIFFS, NJ — Recent construction loans in Jersey City, Hackensack and Philadelphia by Procida Funding’s 100 Mile Fund have elevated its lending originations to more than $300 million since 2011. The 100 Mile Fund has provided 74 loans of which 34 have been repaid totaling more than $152 million, earning more than 14% for its investors. “We do not chase trends – we focus on developers of low-risk projects in sub-markets like Nyack, NY or Paterson, NJ. Many lenders do not understand that the price basis and stability in those markets reduces risk,” said William Procida, president of Procida Funding & Advisors, LLC. The 100 Mile Fund, a middle-market real estate investment vehicle focused on development and bridge loans, has averaged returns of 13% since being established in 2011. The fund’s typical borrower refinances with conventional long-term debt an average of 14 months after originating a loan with Procida, creating an exceptional velocity that rewards the Fund’s investors. The 100 Mile Fund exclusively funds projects within 100 miles of New York City, has funded a variety of commercial, retail and residential projects. Recent transactions include: • A $68.5 million construction loan to renew construction on the long-dormant Gulls Cove II Condo and Retail project in Jersey City. • A $7.16 million construction loan for the refinancing, renovation and conversion of a vacant building into market-rate luxury loft condominiums with a brewery on the ground floor in Beacon, NY. • A $16.2 million construction loan for the refinancing of the Mural Arts Loft in the North Broad Street Corridor, one of five projects that Procida is currently supporting as the neighborhood reemerges as a beacon of commerce and entertainment. • A $34.75 million construction loan for the conversion of the Divine Lorraine Hotel into luxury apartment units with ground floor retail, also located in Philadelphia’s North Broad Street Corridor that the 100 Mile Fund is supporting with the intension of being the impetus to continue the neighborhood’s rebirth as a beacon of commerce and entertainment. • A $3.365 million mortgage bridge loan to Tower Real Estate, LLC for a medical office building in Hackensack, NJ. • A $2.65 million construction loan to JCM Investors 1012 LLC for another multi-family interior renovation project in Patterson’s neglected 4th Ward. This is the [18th] JMC Investors project in Paterson that Procida has invested in since 2011. “We like to support developers that have the insight and skill to undertake projects that help complete a neighborhood,” said Procida. “When we find a worthy site that has fallen into disrepair, and transform it to reach its full potential, we not only improve the look, increase safety, and raise the financial value for those who live and work there, we also create a rate-able property for the municipality where there was once just an eyesore.” *Year-to-date returns: Invesco Diversified Dividend Fund Class A (4.01%), JPMorgan Equity Income Fund Select Class (1.33%), AB Diversified Municipal Portfolio (.96%), Western Asset Core Plus Bond Fund Class I (1.88%), Western Asset Core Bond Fund Class IS (2.22%)