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Procida Handles Rescue Job Well

ENGLEWOOD CLIFFS, NJ-With $21 million in “rescue” loans provided from its 100 Mile Fund in 2011, Procida Funding sees even more opportunity ahead in 2012.

By Debra Hazel | Updated on January 09, 2012

ENGLEWOOD CLIFFS, NJ-After less than 12 months back in the lending business, Procida Funding’s “100 Mile Fund” has provided more than $21 million in rescue loans on $30 million in debt – and that’s just the beginning, says William Procida, the fund’s founder and chief investor.

Among the projects benefiting from the 100 Mile Fund last year were: The Gulls Cove Condominiums in Jersey City; Freehold Commons, a newly built office building in Freehold, NJ; a commercial building at 3038 Atlantic Ave. in Brooklyn, and a half-built (now complete) apartment building on Park Avenue in Union City. It also provided one loan-on-loan for the half-built Ocean Breeze Condominiums in Belle Harbor, Queens.

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