Procida Funding’s 100 Mile Fund Announces Impressive Third Quarter Results
December 9, 2015 (ENGLEWOOD CLIFFS, NJ) Procida’s 100 Mile Fund announced an impressive 16.02% annualized percentage yield to their investors for the third quarter of 2015. Since inception in November of 2011 the 100 Mile Fund has closed on over $280 million in loan originations throughout New York, New Jersey and Pennsylvania.
Some highlights of the 100 Mile Fund’s activity for the 3rd quarter of 2015 included;
A $34,750,000 1st Mortgage Construction Loan on the highly publicized historic landmark, The Divine Lorraine in Philadelphia, PA.
A $5,000,000 1st Mortgage Construction Loan of a 7 unit / 6 story condominium development in Central Harlem, NY.
A $9,500,000 1st Mortgage Bridge Loan on 7 mixed-use properties throughout Sleepy Hollow, NY.
A $3,450,000 1ST Mortgage Acquisition Loan on a 127,000 SF industrial warehouse in Ridgefield Park, NJ.
A $1,200,000 1st Mortgage Bridge Loan on a mixed-use building in Philadelphia, PA.
A $1,810,000 1st Mortgage Acquisition Loan secured by properties located in Paterson, New Jersey.
Procida Funding, LLC through its 100 Mile Fund provides bridge, mezzanine, construction and equity capital to the real estate industry and middle market companies. Since 1995, the Firm has completed over $3 billion dollars of transactions ranging from $500,000 to $50,000,000. The Firm utilizes the funds 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, development, bankruptcy, restructuring and marketing.
The firm’s founder William Procida has been a prominent leader in the Tristate-area real estate market for over 30 years, building over $1 billion dollars in projects and financing more than $3 billion. 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.”