Procida Provides a $16,200,000 Construction Loan for Blumenfeld's Mural Lofts in Philadelphia
(New York, NY) February 4, 2015 – Procida Funding’s 100 Mile Fund announced that the firm closed a $16,200,000 construction loan for the famous Mural Arts Lofts building aka the Thaddeus Stevens School. Developer, Eric Blumenfeld, is using the funds to renovate the historic site into 56 loft-style apartments featuring many of the original architectural elements such as the chalkboards, window details and the historic wood cabinetry. This project is just part of Blumenfeld’s continued efforts to transform the North Broad Corridor section of Philadelphia.
"The architectural detail from the original design blended with a modern interpretation of loft style living will be interwoven together in an elegant way creating some of the most charming residential living opportunities yet to be presented in the Philly real estate market" said North Broad Street trailblazer Eric Blumenfeld who went on to say: "I am thrilled to have the support, dedication and wherewithal of a great man like Billy Procida and his amazing organization supporting us in our efforts. Billy is a pioneer and although sometimes he drives me crazy, I love him like a brother and I admire his passion."
Procida Funding has made over $3 billion in investments since it was founded by award winning developer and general contractor, Billy Procida in 1995. Procida is known as one of the first to develop in the Tribeca, Harlem, and the South Bronx markets in the 1980’s. "Eric has the vision and controls the best assets in the North Broad real estate market. I like to invest local with locals. With Domus as his contractor, Richard Sauder and David Chou as Architect and Engineer (whom date back to his father’s days as a Philadelphia developer) and Eric's vision, we are excited to be a part of this great project and to see the North Broad transformation,” said Billy Procida.
Construction will commence immediately, with occupancy expected in early 2016.
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 $1,000,000 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.”