Procida's 100 Mile Fund closes over $86 Million in Loan Originations for 2014
ENGLEWOOD CLIFFS, N.J., Feb. 4, 2015 /PRNewswire/ -- Procida's 100 Mile Fund recently ended 2014 with over $86,000,000 in closed loans, its best year since inception in 2011.
Highlights of the Fund's 2014 activity include;
- A $13,000,000 1st mortgage bridge loan secured by a Medical health campus known as Kirkbride Medical Center in Philadelphia, PA.
- A $3,800,000 1st mortgage bridge loan secured by a hotel in Bronx, NY.
- A $3,850,000 1st mortgage loan secured by a 100% occupied mixed-use property located in Maplewood, NJ.
- A $1,750,000 1st mortgage acquisition / construction loan for a multi lot sub-division in East Hampton, NY.
- A $3,000,000 1st mortgage bridge loan secured by a mixed-use property located in the Jersey City Heights section of Jersey City, NJ.
- A $3,650,000 1st mortgage bridge loan secured by a medical office facility located on a prime Route 17 location in Hackensack, NJ.
- A $16,200,000 1st mortgage bridge loan secured by a multifamily building known as Mural Arts Lofts located in Philadelphia, PA.
The 100 Mile Fund is unwavering from its middle-market strategy and remains focused on small and mid-sized real estate transactions often neglected by larger institutions. "This series of transactions highlights our activity in the market as a provider of flexible financing for complex and time sensitive real estate transactions," said Kyle Funsch, Director of Originations and Principal of Procida Funding.
The 100 Mile Fund provides bridge, mezzanine, construction and equity capital to the real estate industry and middle market companies. Since 1995, the firm has completed over three billion dollars of transactions ranging from $500,000 to $50,000,000.
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
Tel: 201-871-1177
Email: jlacy@procida.com
SOURCE Procida Funding, LLC
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