JMP Securities Engaged by Procida's 100 Mile Fund
NEW YORK and ENGLEWOOD CLIFFS, N.J., March 18, 2015 /PRNewswire/ -- Procida Funding & Advisors, LLC, which recently celebrated its 20th year anniversary, announced it has engaged JMP Securities as advisor to Procida Funding & Advisors and its private equity real estate fund, The 100 Mile Fund with respect to debt and equity capital raising and strategic alternatives.
The 100 Mile Fund specializes in short term bridge and construction loans of $500,000 to $30M. Since its formation in October 2011, the Fund has originated over $186,000,000 of loans. The Fund's average annual net realized distributed return for 2011 through 2014 was 14.5%. The Fund Manager, Procida Funding, LLC was established in 1995 by award winning developer and nationally ranked general contractor Billy Procida and has deployed over $2 billion dollars for real estate funds it managed as well as third party accounts. The firm also provides advisory services specializing in construction, development, marketing, restructuring and work outs.
The 100 Mile Fund is an open ended fund with annual redemption rights and makes all investments within 100 miles of Procida's Englewood Cliffs office. "We are pleased to be working with Procida and believe that the Company's strong track record, extensive experience and attractive returns coupled with management's significant financial commitment to the Fund will be attractive to investors," said Tosh Chandra of JMP Securities.
Retaining JMP Securities will allow the management to concentrate on originating and managing assets. "With JMP on board we can focus more on our business strategy which is originating, participating in, servicing and/or acquiring high yield special situation debt. This market has been and continues to be underserved by larger institutions which are one reason why our deal flow is so strong, we currently have over $200,000,000 in the pipeline," said William Procida, President of Procida Funding.
Headquartered in San Francisco, JMP Securities provides investment banking, equity research and institutional brokerage services to growth companies and their investors.
PROCIDA FUNDING LLC
Procida Funding & Advisors, LLC, is a commercial real estate lender and advisory firm providing bridge, mezzanine and equity financing through its 100 Mile Fund. Since 1995, Procida Funding has been specializing in commercial real estate and secured corporate lending and has successfully completed over $2 billion in transactions. 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 $1 billion dollars in projects and financing more than $2 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 on Procida please visit us at www.procida.com.
Procida Contact:
Jessica Lacy– Media Relations
201-871-1177
SOURCE Procida Funding, LLC
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