Silver Arch Capital Partners and Procida Funding & Advisors close $12.5 million loan to Art Factory

PATERSON, NJ — A 170-year-old former factory complex in the heart of Paterson will continue to transform, thanks to a $12.5 million loan closed by nationwide private lenders, Silver Arch Capital Partners and Procida Funding & Advisors, LLC.
“We came through for the borrower, Great Falls Industrial Park, Inc., and we are happy to help finance this key component of the ongoing cultural and economic revival of Paterson,” said William ‘Billy’ Procida, president and CEO of Englewood Cliffs-based Procida Funding & Advisors, LLC.
“The borrowers came to us after other lenders promised a closing that never happened,” said Jeffrey Wolfer, president and CEO of Silver Arch Capital Partners of Hackensack, adding that the collateral also included a three-building, 106,000 s/f property located at 468 Totowa Ave., Paterson.

 

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