PROCIDA'S 100 MILE FUND CLOSES ON ANOTHER "HALF-BUILT"
Procida Funding’s 100 Mile Fund provided a loan-on-loan to a subsidiary of MG Homes for the acquisition of a $6,500,000 construction loan. The loan is secured by a partially constructed 114-unit townhouse development known as Kerry’s Arbor in Franklin Township. This bedroom community for Manhattan was identified by Money Magazine in 2008 on the list of “Top 100 Best Places to Live.” It is the tenth such transaction where Procida has provided the capital to both buy the debt and finish construction.
Procida Funding’s investments all of which have been successful include the Gull’s Cove condominiums in Jersey City, an office building in Freehold known as Freehold Commons, a new rental building in Union City, the Union Park and Habitat for Humanity’s new ReStore in Randolph. The Fix and Flip 1 to 4 family program has financed the acquisition and renovation of 44 1 to 4 family homes.
About Procida Funding & Advisors, LLC
Procida Funding, LLC, provides bridge, mezzanine and equity capital to the real estate industry and middle market companies. Since 1995, the Firm has completed over one billion dollars of transactions ranging from $1 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 Tristate-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.”