The 100 Mile Fund is pleased to announce it has
provided a $7,000,000 revolving credit facility for a $26,500,000 townhome development
Wrenfield 1230 Route 100 North,[gem_table style=”2″ deactivate_responsive=”1″]
Upper Macungie Township, Lehigh County, PA
|LOAN TYPE:||Construction Loan|
|NUMBER OF UNITS:||98 Proposed Townhomes|
|LOAN TERM:||24 Months with one, six (6) month extension|
The loan is being utilized to finance the horizontal construction of 1230 Route 100 North (the “Property”) and subsequent
vertical construction of 98 townhomes. The existing property is a vacant 15.02 acre parcel of land situated between Route
100 North, or PA 100, on the East and single-family homes on the West. The site is within minutes of two of the top three
largest employers in Lehigh Valley – Lehigh Valley Hospital and Air Products, Inc. – and is surrounded by millions of
square feet of Office, Commercial, and Industrial space. The proposed development will consist of 98 market-rate twoand
three-story townhouse units with an approximate average size of 2,264 square feet – based upon a 2018 appraisal’s
The townhouse units will be constructed by Ashley Development Corporation based out of Bethlehem, PA. Founded in
1989, Ashley Development has become a leading real estate development firm known for mixed-use projects in urban
areas and the adaptive re-use of existing structures. In addition to working with a successful and local developer, 100 Mile
Fund’s Fund Manager, William Procida, has a 20+ year working relationship with the borrower, Lou Pektor.
Lehigh Valley Cracks Top Five in U.S. for Economic Growth in 2018
Lehigh Valley, Pa., was one of the top five fastest-growing regions with under a million people in the United States last year, and the fastest-growing region of its size in the Northeast U.S. for a third consecutive year.
Social Impact Investing
After the market crash on October 19, 1987, Billy Procida, CEO/President of Procida Funding & Advisors, learned a valuable lesson: cater to the masses you eat with the classes; cater to the classes, you eat with the masses. Using that philosophy, Procida went on to build a highly successful 37-year long career focusing on smart loans that add value to communities and make the world a better place.