Press Release brought to you by Procida Funding & Advisors, LLC

Procida Crosses $300 Million Milestone

08/31/2016

PROCIDA CROSSES $300 MILLION MILESTONE

            Four-year average dividend to 100 Mile Fund Investors clears 14

ENGLEWOOD CLIFFS, NJ,  September 1,  2016 Procida Funding’s 100 Mile Fund has recently cleared the $300 Million threshold of lending originations since the Fund’s start in October 2011. This is an important milestone for the fund, which has seen rapid growth and high dividends for investors over the past five years under the leadership of President and CEO William Procida.

            When asked to explain the fund’s remarkable returns, Mr. Procida gave the following quote: “We do not chase trends- we focus on developers of low-risk projects in sub-markets like Nyack, NY and Beacon, NY. Many lenders do not understand that the price basis and stability in those markets reduces risk.” The fund’s hefty 14% (average) return to investors is evidence that the 100 Mile Fund not only understands market dynamics, but is positioned to capitalize on them.

            The 100 Mile Fund is a middle-market real estate investment vehicle focused on bridge loans. The fund exclusively loans to borrowers and projects within 100 miles of the fund’s offices next to the George Washington Bridge- hence the name “100 Mile Fund.” The fund’s typical borrower refinances with conventional long term debt an average of 14 months after receiving a loan from Procida. The fast pace and quick turnover of the fund’s business creates an exceptional velocity that has consistently rewarded investors.

            Recent transactions include:

  • $68,500,000 loan to renew construction on the long dormant Gulls Cove II Condo and Retail project in Jersey City

  • $7,160,000 loan to refinance, renovate, and convert a vacant building into luxury lofty-style condominiums with a state-of-the-art beer brewery on the ground floor in Beacon, NY.

  • $34,750,000 loan for the conversion of the historic Divine Lorraine Hotel into luxury apartments with ground floor retail, located in Philadelphia’s North Broad Street Corridor. 100 Mile has taken an active role in this neighborhood, with five projects currently under way. The fund sees huge potential for the area, and is driving the neighborhood’s rebirth as a center of luxury, commerce, and entertainment.

“We like to support developers that have the insight and skill to undertake projects that help complete a neighborhood,” says 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.”

 

About Procida Funding & Advisors, LLC

 

Procida Funding, LLC provides bridge, mezzanine, and equity capital to the real estate and industry and middle market companies. Since 1995, the Firm has completed over $2 billion of transactions in the $1,000,000 to $50,000,000 range. 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 in 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 $1 billion in projects and financing a further $2 billion. In addition to being a media commentator with a frequent presence 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”. s

 

Source

Procida Funding & Advisors, LLC

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