Procida's 100 Mile Fund Provides $12,300,000 Construction Loan to Nobility Crest at Brick
ENGLEWOOD CLIFFS, N.J., Nov. 21, 2013 /PRNewswire/ -- Englewood Cliffs based, The 100 Mile Fund, provided a $12,300,000 infrastructure / construction loan to the project known as The Shoppes & Residences at New Visions in Brick Township, New Jersey.
The project consists of two separate developments;
A mixed-use project which will consist of 21,109 square feet of retail space and 44 rental units made up of 30 two-bedrooms and 14 one-bedroom apartments. The second parcel will consist of 170 townhomes.
This is the second project on the Jersey Shore that The 100 Mile Fund has undertaken with Jerald Development. The town homes will be built and sold by Ryan Homes, one of the largest homebuilders in America, while Jerald Development will construct the rental and retail sites. Jerry Cernero is an award winning developer with deep roots along the Jersey Shore. Jerry Cernero, President of Nobility Crest at Brick, commented: "Dealing with Procida Funding is far easier than dealing with a bank. Their expertise as developers and builders make for a smooth process, and they add value to every decision I make. They may be a lender, but they think like a builder"
This site is centrally located in Brick Township and is in close proximity to most major retailers, the Garden State Parkway and the area beaches.
About Procida Funding & Advisors
Procida Funding, LLC, provides bridge, mezzanine and equity capital to the real estate industry 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. 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.
SOURCE Procida Funding, LLC