ENGLEWOOD CLIFFS, NJ—Procida Funding was busy with a flurry of financings during the last week of 2017, including a $68.5 million construction loan on the Gulls Cove condominium project in Jersey City that the firm says was paid off at 4:48 p.m. on the Friday before New Year's weekend, the last transaction of the year.
The day before that, Procida Funding's 100 Mile Fund closed a $6.5 million construction loan on a new retail center for the Mabie Family in Toms River, and the day before that it provided a $1 million loan for ongoing construction at The Metropolitan Opera House in Philadelphia, PA.
It was a big finish to what otherwise was intended to be quiet year for The 100 Mile Fund. Following three years of originating approximately $100 million aa year in bridge, construction, and mezzanine loans, Procida Funding's president and CEO, William “Billy” Procida had cautioned early in 2017 that he was becoming much more cautious in his selection of investments.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
