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Procida Funding Launches 100-Mile Fund for Tri-State Area Investments

ENGLEWOOD CLIFFS, NJ-The short-term fund will help existing borrowers within 100 miles of Procida’s offices seeking $5 million to $10 million.

By Debra Hazel | Updated on October 07, 2011

ENGLEWOOD CLIFFS, NJ-Procida Funding LLC has “The 100-Mile Fund,” a short-duration real estate investment fund that will provide capital to builders and real estate operators within a 100-mile radius of New York City. The fund’s target is to raise $25 million, which with leverage and strategic partners, should result in approximately $100 million in loans.

The goal is to serve a market of smaller owners that has been ignored by other commercial lenders, Billy Procida, president of Procida Funding, tells GlobeSt.com. Loans generally will be made in the $5 million to $10 million range, although the occasional $2 million deal could be made, holding the B portion of the debt.

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