Procida Funding & Advisors Completes Over $134 Million in Financing for Diverse CRE Asset Classes in 2019. December Produces a Flurry of Activity for the 25-Year-Old Company
ENGLEWOOD CLIFFS, N.J., Jan. 16, 2020 – Procida Funding & Advisors (Procida), a N.J.-based commercial real estate financing and advisory firm, finished 2019 with a flurry of originations, bringing its year-end total financing to $134 million for a range of asset classes. Founded in 1995 by President and CEO William “Billy” Procida, the firm exclusively manages the 100 Mile Fund, an open-ended, private real estate investment trust; investments are made for properties within a 100-mile radius of New York City. Year-end transactions included a $10 million loan to finance the reconstruction of Seaside Heights’ historic Belle-Freeman Pier, which was destroyed by Superstorm Sandy and a subsequent fire. Procida’s client, The Mabie Group, plans to transform the now vacant lot into the boardwalk’s premier entertainment destination, featuring a 17,500-square-foot, multi-tiered restaurant and bar, a pool club for residents; and a proposed concert venue. This is Procida’s second project with The Mabie Group.
King of Prussia, PA
Multi Family $39,000,000
Seaside Heights, NJ
Entertainment Retail $10,000,000
“Many clients have been doing business with us for years,” said Procida, who has completed billions of dollars of successful projects during his decades-long career. “We understand our borrowers, and they view us as loyal partners. It’s one of the keys to longevity in this industry.” Procida provides capital for a wide range of asset classes in the eastern region of the U.S., with a concentration in the New York metropolitan area. The firm uses both its own capital and that of its strategic partners, which includes private equity funds and institutional lenders. Procida offers loans from $1 million to $100 million, with a focus on deals from $3 million to $50 million. In December, Procida also funded a $39 million construction loan on behalf of the 100 Mile Fund, to repeat client Forte Real Estate Development. The company financed “The View at Middlesex,” a new multifamily development project in N.J. Forte is revitalizing the vacant, under-utilized properties at 220 and 232 Lincoln Blvd. into a 255,000-square-foot, five-story building with 200 amenity-filled apartments and new retail spaces. Another notable transaction in December was a $6.15 million loan to 404 Church LLC based in King of Prussia, Pennsylvania. Operating since 1965, Francis Schultz, locally known as “Shorty,” owns industrial and auto salvage facilities in Pennsylvania and South Jersey.
2019 Deals and Payoffs at Procida Involve Townhomes, Apartments, Retail and More
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.
Jersey City, NJ
Multi Family $10,250,000
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