North Arlington, NJ — New Jersey-based commercial real estate lender, Procida Funding, announced that it provided a $5.15 million debt consolidation bridge loan, on behalf of the 100 Mile Fund, which Procida exclusively manages. The loan made to 45/55 Ridge Road Realty, LLC and Melray’s New Building, LLC (DBA Melray’s Furniture) will bridge the company for a conventional takeout. Cole Schotz P.C. was lender’s counsel on the closing.
Located at 45 Ridge Rd. in North Arlington, Melray’s Furniture is a family-run business that has been in operation for over 80 years. Michael “Buddy” Filippone, the son of the company’s founder, and Buddy’s daughter, Amy Filippone Cabrera, currently own and run the day-to-day operations of the store. South Bergen County’s largest furniture store, Melray’s serves customers throughout the tri-state area, carrying name-brand furniture and bedding at discounted prices. Throughout the early 2000s, Melray’s maintained annual growth in sales revenue, capturing record-breaking figures year-after-year. Like many businesses, Melray’s took a hit during the COVID-19 pandemic; however, their continued hard work has led to positive growth, making them a prime candidate for an SBA takeout this fall.
“We are very excited to be working with the Merlay’s team,” said Brian Foley, vice president of Procida Funding. “They are exactly what we look for in a borrower, hardworking and honest.”
“I am very thankful to Billy and the team at Procida for giving me this bridge loan and making our path forward much brighter,” noted Buddy Filippone.
Comments