Procida's 100 Mile Fund Announces a 16.97% Annualized Return for the first 9 months of 2013
ENGLEWOOD CLIFFS, N.J., Nov. 18, 2013 /PRNewswire/ -- Procida Funding, a leading commercial real estate direct lender and advisory firm, announced that its 100 Mile Fund earned a 16.97% annualized return during the first 9 months of 2013. Since January the fund has originated $46,051,303 of new deals and over $100,000,000 since inception in October of 2011.
Some highlights include;
- A $12,300,000 infrastructure / construction loan to Nobility Crest at Brick, LLC. The borrower is utilizing the loan proceeds to develop a mixed-use project consisting of 21,109 square feet of retail space, 44 residential units and site development for 100 townhomes in Brick Township, NJ.
- A $10,000,000 bridge loan to Ladera II for its development site at 300 West 122nd Street in Harlem, a premier location in the area. The mixed use project will feature a 13 story, 164 unit residential development with ground floor retail shops.
- A $5,550,000 construction loan to City Island Reserve, LLC. The borrower is using the loan proceeds to develop 43 waterfront townhomes on one of the last development sites on City Island. The project, known as "On the Sound," is being developed by Greystone Property Development Corp.
- A $3,576,000 discounted debt purchase on 5 mixed use properties throughout Bergen County.
- A $2,650,000 acquisition/renovation loan with JCM Investors on 3 multifamily/retail buildings in Paterson, NJ.
Procida Funding, LLC, provides bridge, mezzanine and equity capital to the real estate industry. Since 1995, the Firm has completed over $1 billion of transactions ranging from $2,000,000 to $50,000,000. The Firm specializes in non-traditional financing where expertise, local knowledge and attention to special situations are critical. 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.
Contact: Jessica Lacy
SOURCE Procida Funding, LLC