Procida Funding & Advisors’ 100 Mile Fund Celebrates Its 5 Year Anniversary

(Englewood Cliffs, NJ) November 2, 2016 - Procida Funding & Advisors’ 100 Mile Fund completed five years of operation this October. In that time, the Fund completed 88 loans totaling in excess of $350,000,000 of which 44 of those loans, totaling over $150,000,000, have already been repaid. Most notable is the Fund's return to investors. Over the past five years the fund has paid out an average annual dividend of 14.2% and is projected to remain above 13% through the end of 2017, outperforming the Dow, S&P and most other major stock markets indexes as well as most private equity and mutual funds. For 2016, the Fund has returned over 13.5% annualized compared with the DOW at 9.07%. The Fund primarily offers first mortgage bridge, construction and special situation loans within 100 miles of the Fund’s offices in Englewood Cliffs, New Jersey, where Procida has been based for over 20 years. Billy and his team are lifelong area residents. Procida Funding & Advisors provides its clients with a unique combination of rapid response combined with construction development and marketing expertise, as well as other services, including debt restructuring, litigation support and dispute resolution assistance, and strategic business planning. Procida was named Non-Bank Lender of the Year in 2016 and the 100 Mile Fund won Top Specialty Fund by REFI Magazine.
Loans the firm has made range from ground-up high-rise construction loans such as the $68,500,000 Gulls Cove II Condominiums, now going up on Marin Boulevard in Jersey City, to a $3,450,000 acquisition loan to a local day care center operator, Zadie’s Nursing Den, who utilized the Fund’s capital to open its third location, down to a $650,000 loan for Garfield Brick Oven Pizza in Garfield, New Jersey for capital improvements. In Philadelphia, the Fund provided the Kirkbride Medical Center with a $13,000,000 loan which saved the facility from foreclosure. Procida was able to negotiate a significant $20,000,000 discount for the client. Most notably in Philadelphia is the $34,750,000 construction loan on the historic landmark Divine Lorraine. In addition to providing the construction loan Procida was able to obtain over $4,000,000 of grants and subsidies from the city and state. It also organized the development team and oversaw construction and marketing for the iconic building which sat vacant for over 20 years just 5 blocks north of Philadelphia City Hall.
“I am proud of the work that our firm has done. We always look to improve communities and create jobs and make both our investors and borrowers money. Whether rescuing stalled projects or getting new ones started, to saving, creating and expanding businesses, our goal is to improve the quality of life for our clients and as importantly their neighbors. Simply put, who wants a vacant building or vacant lot next door to them? The key is to stay on budget and on schedule, and make best efforts to surround yourself with the right people,” said Billy Procida, the firm's founder, a former New York City Developer of the Year and a nationally ranked award winning builder and general contractor. “It certainly helps that I started as a contractor/developer for the first 15 years of my career before crossing over to being a lender. We know the subcontractors, architects and markets we are in because we have been in these markets for 35 years. Most of our third party professionals have been with us for 20 years while some I have even known since high school and grade school.”
Procida has published over 100 articles on the subjects of real estate and construction for in his 35-year career. In August of 2014, he published an article called “Four more Years! Four more years! Four more years!” in Real Estate Weekly magazine, the first published articles predicting the softening of Manhattan’s high end market which has now occurred which is why nothing in his portfolio is in that segment. As for New York City, he only has one loan on an affordable project in Harlem to a minority/woman owned developer he met while teaching a class at New York University.
As for Procida and the 100 Mile Fund's future strategy, Procida says, “We have been in an expansion for 6 to 7 years now, sooner or later there will be an overall softening. We are now focusing on owner occupied businesses.
Procida has recently targeted this market with a television advertising appearing on Monday Night Football, Shark Tank and local news broadcasts.
“As banking is becoming more regulated by our ever more intrusive government, I believe the non-bank lending business will only become an increasingly crucial part of capital markets in the future or stated in plain English….if the government keeps over regulating no small businesses will be able to get loans and there will be 5 to 10 banks left in America. Let's hope Washington gets its act together,” said Procida.
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 three billion dollars of transactions ranging from $500,000 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.” For more information, visit www.procida.com

For interview opportunities, please contact Marie Assante, Assante Public Relations, marie@assantepr.com, 917-837-0755

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 three billion dollars of transactions ranging from $500,000 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.

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