PHILADELPHIA—Procida Funding & Advisors founder William "Billy" Procida remains highly enthusiastic about its investments in Philadelphia, having capped the third quarter with the $35-million construction financing for the restoration of the iconic Divine Lorraine Hotel on North Broad Street.
Procida's 100 Mile Fund reported 16.02% annualized percentage yield for investors for the third quarter of 2015. Since inception in November 2011, the 100 Mile Fund has closed on over $280 million in loan originations throughout New York, New Jersey and Pennsylvania.
The Divine Lorraine project has stirred enormous community excitement in Philadelphia, where hopes for restoration of the unusual structure have been high on the city's wish list for decades.
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