Procida, The CEO of Procida Funding & Advisors, takes a local approach with his 100 Mile Fund, financing commercial real estate development within 100 miles of the new york metro market, throughout New Jersey, New York, Pennsylvania, and Connecticut. He established the fund in 2011, which in October 2020 provided a $39.85 million construction loan to Forte Real Estate Development for The Washington Lofts, a 242-unit mixed-use apartment building development project in the Borough of Carteret. Two weeks before that, Procida closed a pair of Paterson deals with Charles Florio, construction loans worth $7.275 million and $2.25 million. According to Florio, that pair of deals will indirectly create thousands of jobs and hundreds of millions in economic growth in Paterson.
Original Publication: https://njbiz.com/nov-9-2020-edition-njbiz/