Procida's 100 Mile Fund Provides Construction Loan For Last Development site on City Island
ENGLEWOOD CLIFFS, N.J., May 16, 2013 /PRNewswire/ -- The 100 Mile Fund, a real estate investment private equity fund managed by Procida Funding, LLC, announced that it provided a construction loan to City Island Reserve, LLC, an affiliate of Greystone Property Development. The borrower is using the loan proceeds to develop 43 luxury waterfront homes on 5 acres on City Island in the Bronx with a sellout value of $30,000,000. The homes will be a mix of 2 to 4 bedrooms with spectacular views of the Long Island Sound.
Procida's relationship with Greystone was formed back in 2002 when Procida and Greystone completed the first luxury highrise condominium development in downtown Madison, Wisconsin. Procida is also no stranger to the Bronx, having completed the first luxury waterfront development in the Throgs Neck section back in 1985. According to Douglas Benach, President of Greystone Property Development, this will be the most significant residential development on City Island in over a decade. "Combine a great site with an experienced developer and you get a great investment," said Billy Procida, President of Procida Funding.
Englewood Cliffs based 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. In October of 2011, Procida launched his third fund, The 100 Mile Fund, a local real estate investment fund that will give capital to builders and operators within a 100-mile radius of New York City. The fund has achieved an IRR of 14.39% for the year of 2012. For more information please call 201-871-1177.
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."
For more information about Greystone, please go to www.greyco.com.
Contact: Jessica Lacy
SOURCE Procida Funding, LLC