ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, announced three recent closings in New Jersey totaling over $6 million. The closings include a $1.3 million acquisition loan, and two bridge loans amounting to $5 million.
The first loan, a $1.3 million first mortgage to, ER Real Estate Management LLC, enabled the sponsor to acquire the property and finish pre-construction site work for a to be built 12,500 SF medical office building to be the new headquarters of the sponsors dental practice located in Randolph, NJ.
The 100 Mile Fund also provided a $2.7 million bridge loan to Naval Crest Associates I & II, LLC. The funds were used to pay off an existing mortgage from a local bank and modify and amend the mortgage on two properties in Middlesex and one in Long Beach.
Finally, the Fund provided a $2.3 million bridge loan for the acquisition of three gas stations two located in Elizabeth and one in Marlboro. Including these transactions, Procida Funding has closed 19 debt investments totaling over $100 million so far in 2015.
The 100 Mile Fund lends on properties within a 100 mile radius of their Englewood Cliffs, New Jersey office, targets the niche sub $25 million market and has been instrumental in allowing developers to finish localized projects, as well as provide quick turnaround loans in special situations to its clients.
About Procida Funding & Advisors, LLC
Procida Funding, LLC, provides bridge, mezzanine and equity capital to the real estate industry and middle market companies through its 100 Mile Fund. Since 1995, the firm has completed over three billion dollars of transactions ranging from $500,000 to $50,000,000. The firm utilizes its own capital as well as strategic capital partners. Procida Advisors provides due diligence and asset management services to financial institutions and private equity funds with a concentration on construction, bankruptcy, restructuring and marketing.
The firm’s founder William Procida has been a prominent leader in the tri-state area real estate market for over 30 years, building over one billion dollars in projects and financing more than two billion dollars. In addition to being a media commentator, with frequent appearances on CNBC and Fox Business, he has received the New York City “Developer of the Year Award” and National Association of Home Builders “Pillar of the Industry Award.”