Procida Funding completes $134M+ worth of financing for CRE assets in 2019

Procida Funding & Advisors, an Englewood Cliffs-based commercial real estate firm, announced on Thursday a flurry of diverse asset class activity, bringing its year-end total financing to $134 million.

The firm, which was founded by CEO and President William “Billy” Procida, exclusively manages the 100 Mile Fund, a private real estate investment trust.

Year end-deals included a $10 million loan to finance the reconstruction of pier in Seaside Heights, which was destroyed by Hurricane Sandy and a subsequent fire.

“Many clients have been doing business with us for years,” Procida said. “We understand our borrowers, and they view us as loyal partners. It’s one of the keys to longevity in this industry.”

In December, the firm funded a $39 million construction loan for Forte Real Estate Development to redevelop The View at Middlesex, a new multifamily development in Middlesex.  Funds will be used to revitalize vacant properties at 220 and 232 Lincoln Blvd. into a 250,000-square-foot, five-story building with 200 apartments and retail.

Other notable loans include:

  • The $18.5 million loan to 190 Academy Urban Renewal LLC for The Nest Micro Apartments in Jersey City, a 112-unit fully furnished rental building;
  • The $7 million construction loan to The Mabie Group for The Shoppes at Hooper, a mixed-use 60,000-square-foot building in Toms River;
  • The $35 million loan for the Wrenfield Townhouse project in Upper Macungie Township in Pennsylvania.

“My team is one of the very best in the business, and we have the vision and capital to get the deals done and do good by our clients and the communities we serve,” Procida said.