Englewood Cliffs, NJ – (AUGUST 21, 2020) – New Jersey-based commercial real estate lender, Procida Funding, announced today it provided a $52,500,000 construction loan, on behalf of the 100 Mile Fund, which Procida exclusively manages. The loan made to the Demetrakis family, prolific builders in the northern New Jersey submarkets, will finance “Manhattan Transit Village North Bergen,” a ground up 214-unit apartment complex in North Bergen Township, NJ. Cole Schotz P.C. was lender’s counsel on the closing.
Manhattan Transit Village will feature a mix of studio, one bedroom and two-bedroom rental units spread across four buildings located directly adjacent to the Tonnelle Avenue Station of the Hudson Bergen Light Rail. In addition to its proximity to public transportation, the property will also benefit from a clubhouse inclusive of a pool, gym, and entertainment space for tenant use.
“The Demetrakis family and Procida have been trying to do a deal for a very long time,” noted Brian Foley, Vice President at Procida. “We are very excited about this deal and believe that it will be good start to long and prosperous relationship.”
“I’ve known Jimmy Demetrakis almost 40 years now. Back when we met there was no ‘Jersey Gold Coast’,” said Billy Procida, President and Founder of Procida Funding. “He is possibly single handedly responsible for what is now called the Gold Coast. Not to mention his girls have grown up eating and sleeping real estate; they are great young ladies and I hope to do more with them.”
Alexis Pizzurro and Arianne Schreer, daughters of Demetrakis, have been active in their father’s business for the last decade, running the leasing and management on over 1,000 units including the $100,000,000 Towne Centre in Cliffside Park. “This step is just natural for us,” said Pizzurro and Schreer. “We’ve grown up in this business learning it at the kitchen table at a young age, we hope to live up to the legacy he has left us and utilize the skills he has taught us.”
Procida Funding provides capital for a wide range of asset classes in the eastern region of the US, 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. The firm’s experience as a borrower and developer provides them with keen insight into how to be a creative and responsible lender and investor.
Procida Advisors provides due diligence and asset management services to developers, financial institutions and private equity funds with a concentration on development, construction, bankruptcy, restructuring and marketing. The firm’s specific services include Development Management, Construction Supervision, Restructuring, Crisis Management, Investment Banking, and Asset Management & Disposition. For more information, please click here.
The 100 Mile Fund is an open-ended real estate investment vehicle exclusively managed by Procida Funding, LLC. The Fund provides bridge, construction, mezzanine, and preferred equity financing for value add, distressed, and special opportunistic situations within 100 miles of New York City. The Fund is open to accredited investors pursuant to a Private Placement Memorandum and subject to all rules and regulations of the SEC as well as state and federal laws.
For information on Procida Funding Loan Originations, contact Brian Foley at firstname.lastname@example.org, for Fund Investor Management, contact Ali Betts, at email@example.com, and for Portfolio and Bad Debt Analysis contact William ‘Billy’ Procida at firstname.lastname@example.org. For more information about Procida Funding, call 201.871.1177 or visit www.procida.com.