185 Broadway, Paterson, NJ
Loan Amount: $7,275,000
326 East 16th Street, Paterson, NJ
Loan Amount: $2,250,000
PATERSON, NJ – (SEPTEMBER 23, 2020) – New Jersey-based commercial real estate lender, Procida Funding, announced today it provided two new construction loans in Paterson, NJ, on behalf of the 100 Mile Fund, to repeat client Charles Florio – a $7,275,000 construction loan on 185 Broadway, Paterson, NJ and a $2,250,000 construction loan on 326 East 16th Street, Paterson, NJ. The Procida and Florio organizations are very excited to restart their relationship and continue their goal of improving the quality of life for all residents of Paterson. “What started out with a $180,000 loan to a 23-year-old developer in 2009 turned into $25 million, and substantially improved some of the most dangerous neighborhoods in Paterson. We are looking forward to continuing with these two projects,” said Billy Procida, founder and CEO of Procida Funding. Charles Florio added, “I will forever be grateful to Billy Procida and the 100 Mile Fund for directly helping my family business and indirectly creating thousands of jobs and hundred of millions in economic growth in Paterson NJ.” Charles and his team purchased 326 East 16th Street on September 27, 2019 without any entitlements and designed a three-story, 12-unit building with sixteen parking spots, which was approved by the city planning board on April 15, 2020. Around the same time, Charles and his team purchased the parking lot at 185 Broadway and designed a five-story, 40-unit building with one commercial unit. Broadway was approved by the city planning board on September 23, 2019. The board voted unanimously in favor of both projects. This past Tuesday, Charles hosted a groundbreaking ceremony at 185 Broadway featuring speeches from Billy Procida, Councilman Louis Malez, Councilwoman Maritza Davila, and Mayor Andre Sayegh. “What Charles and his team have accomplished has been truly remarkable, and there is still a lot of work to do. Fortunately, we have the support of the city and people of the community behind us,” said Derek Weissman, Vice President of Procida Funding who was at the event and will be asset managing the projects. “As building increases, crime decreases, simple as that,” said Procida. “Charles has a great pipeline, and an even better team. It is rare you meet people that truly want to make a difference in the community and that is exactly what we have found with Charles Florio and his team. I think that is what will continue to make the Procida-Florio relationship successful. We are looking forward to building out these projects and doing a lot more together,” noted Brian Foley, Vice President at Procida Funding.
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