ENGLEWOOD CLIFFS, N.J., February 7, 2020 – New Jersey-based real estate lender, Procida Funding, LLC announced today that the 100 Mile Fund, LLC, which it exclusively manages, achieved a net return to investors of 11.56 for 2019. Since the Fund’s inception in 2011, the Fund has achieved a net annual distribution of 12.8. Procida’s 100 Mile Fund makes loans and other investments in real estate within 100 miles of its office in Englewood Cliffs, N.J. Often, these investments have significant local impact which can be seen in a number of neighborhoods, such as Paterson and Camden, N.J., and Beacon and New York City, N.Y.. Since 1995, Procida’s different funds have invested over $3 billion. The Fund recently completed a conversion to a real estate investment trust (REIT), which will allow investors to benefit from the tax deductions afforded to REITs rather than pay ordinary income taxes. The Fund is open to accredited investors and currently has over 150 members. “We have a very robust pipeline going into 2020 and will continue to do what we do best – do good by our clients and investors and focus on making an impact to improve the communities in which we invest,” said Billy Procida, president and CEO. In 2019, the Fund originated 13 loans totaling $134,410,000 and had nine loans payoff for a total of $39,967,500. Highlight deals include the $39 million construction loan made to Forte Real Estate Development for “The View at Middlesex,” a 200-unit apartment building development in the Borough of Middlesex, N.J., as well as a $10 million construction loan to The Mabie Group for the reconstruction of the historic Belle-Freeman Amusement Pier in Seaside Heights, N.J. The project’s plan currently features a 17,500-square-foot multi-tier bar & restaurant, a pool club, and a proposed concert venue on the southern portion of the site. The project also includes five to six kiosk buildings, which The Mabie Group has already completed and is currently leasing. Approvals also allow for full restaurant and bar service on the beach adjacent to the development.
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