Procida's 100 Mile Fund Announced 14% Return to Investors
ENGLEWOOD CLIFFS, N.J., April 26, 2013 /PRNewswire/ -- Procida Funding & Advisors, LLC, the exclusive fund manager of the 100 Mile Fund announced that it achieved a 14.39% return to its investors in 2012. The 100 Mile Fund, which launched in October of 2011, had a solid opening year having participated in the purchase of over $100,000,000 of non-performing loans, as well as the origination of construction and bridge loans throughout New York and New Jersey.
The fund distributes all of its realized gains so investors receive a cash distribution of $14,800 for every $100,000 investment unit.
The 100 Mile Fund is able to make their returns through the purchase of b-notes and junior participation's in bridge and construction loans. Procida typically originates the loan and sells off the senior piece to a bank or insurance company and the fund retains the junior participation or the "b" piece. The 100 Mile Fund has invested in most asset classes throughout the tri-state area.
"We simply fill the void; every deal has some bankable component. We do the rest. So for a borrower who needs a quick closing or has a complex deal we will typically take it down ourselves then sell off a senior piece after we've reduced the risk," said Billy Procida, President & CEO of Procida Funding.
Some recent projects for Procida and The 100 Mile Fund include; Riverwood Chase, 200 new townhomes in Toms River, NJ with Ryan Homes, the completion of Freehold Commons office building in Freehold, NJ, and a new Habitat for Humanity ReStore in Randolph, NJ.
The 100 Mile Fund is currently open to accredited investors and anticipates the fund will complete $100,000,000 of loans and investments in 2013.
About Procida Funding & Advisors, LLC
Procida Funding, LLC, provides bridge, mezzanine and equity capital to the real estate industry and middle market companies through its 100 Mile Fund. Since 1995, the firm has completed over $2 billion of transactions ranging from $1,000,000 to $50,000,000. The firm utilizes its own capital as well as strategic capital partners. Procida Advisors provides due diligence and asset management services to financial institutions and private equity funds with a concentration on construction, bankruptcy, restructuring and marketing.
The firm's founder William Procida has been a prominent leader in the tri-state area real estate market for over 30 years, building over one billion dollars in projects and financing more than two billion dollars. In addition to being a media commentator, with frequent appearances on CNBC and Fox Business, he has received the New York City "Developer of the Year Award" and National Association of Home Builders "Pillar of the Industry Award."
SOURCE Procida Funding & Advisors, LLC