ENGLEWOOD CLIFFS, N.J., Jan. 17, 2013 /PRNewswire/ -- Englewood Cliffs based Procida Funding announced that its 100 Mile Fund provided a $7 million loan for the property acquisition and road construction for 200 townhomes in Toms River, New Jersey.
The townhomes will be built by Ryan Homes, a publically traded homebuilder ranked #2 in the United States. Ryan will develop 200 three-bedroom, two and half bathroom homes on the 26 acre property located on Lakewood Drive and Cox Crow Road in Toms River.
This is the first large housing project to be financed in the aftermath that Sandy left behind in this beach community. FEMA reported that roughly 7,600 homes and businesses in Toms River were damaged from the storm. "This development comes at a time when housing is needed most in this area," said Billy Procida, Principal of Procida Funding & Advisors. "When we fund projects we always create jobs and improve neighborhoods but in this case it's truly rewarding to be part of the Toms River's rebirth."
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 two billion dollars of transactions ranging from $2,000,000 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."
Contact: Jessica Lacy
SOURCE Procida Funding & Advisors, LLC