Procida Completes Over $134 Million in Financing for in 2019

In the first quarter, Procida originated a revolving construction loan for the $35 million Wrenfield Townhouse project in Upper Macungie Township, which is located in Pennsylvania’s Lehigh Valley. The proposed townhome development will feature 98 market-rate, two- and three-story units. “I have provided over $175 million in capital for Lou (Pektor) and his projects over the years. Today, he can go to a bank for funding, but continues to come to us as we are faster, easier, and reliable,” Procida said.

In the second quarter, Procida provided an $18.5 million loan to 190 Academy Urban Renewal LLC for The Nest Micro Apartments – Jersey City’s first “micro” apartment building. Situated a few blocks from the Journal Square Train Station, the 122 rental units will provide affordable, fully furnished, state-of-the-art apartments. The company also funded a $15.5 million pre-development loan to Leopard Real Estate Partners, LP for the proposed development of a $100 million six-story, mixed-use hotel in Philadelphia’s Fishtown area, one of the city’s fastest growing neighborhoods

The year-end total included 10 payoffs totaling $39,967,500. Deals included a payoff of a $7 million construction loan to The Mabie Group for The Shoppes at Hooper, a mixed-use 60,000-square-foot building in Toms River, N.J. that is now over 70% leased. Thanks to strong tenant interest and on-time completed construction, The Mabie Group, which is now utilizing Procida’s funding to redevelop the historic Belle-Freeman Pier in Seaside Heights, was able to obtain very favorable long-term financing.

Procida also provides advisory services for developers, financial institutions and private equity funds including due diligence, development management, construction supervision, restructuring, crisis management, investment banking, asset management and disposition. The 100 Mile Fund, established in October 2011, provides bridge, construction, mezzanine and preferred equity financing for value add, distressed and special opportunistic situations within 100 miles of New York City. Since 2012, the net annual dividend has averaged 12.9%.

“My team is one of the very best in the business, and we have the vision and capital to get the deals done and do good by our clients and the communities we serve,” noted Procida.

Procida Funding & Advisors (Procida), a N.J.-based commercial real estate financing and advisory firm founded by William “Billy” Procida in 1995, is known for its vision and capital to get deals done for clients and the communities it serves. Procida funds diverse asset classes in eastern regions of the U.S., with a focus in the New York metropolitan area. Utilizing its own capital and that of strategic partners, Procida offers loans from $1MM to $100MM, focusing on deals in the $3MM to $50MM range. The firm exclusively manages the 100 Mile Fund, an open-ended, private real estate investment trust providing bridge, construction, mezzanine and preferred equity financing for value add, distressed and opportunistic situations within 100 miles of NYC. Since 2012, the 100 Mile Fund’s net annual dividend has averaged 12.9 percent, net of all fees. Procida also provides advisory services for developers, financial institutions and private equity funds, including due diligence, development management, construction supervision, restructuring, crisis management, investment banking, asset management and disposition.