FORT LEE, NJ-Billy Procida has sold his interest in Palisades Financial, the real estate lending firm he founded, and has simultaneously resigned as chairman and CEO of the firm. Palfi is now owned by the five remaining partners, Mark Zurlini, David McLain, Ira Bergstein, Jack Chimento and James F. Calvano.

Terms of the transaction were not released. Procida remains the largest investor in Palfi’s Palisades Regional Investment Funds and will act as an advisor to his old firm. PRIF I was launched in 2002 and has invested in real estate valued at more than $500 million to date, and PRIF II has currently raising $200 million to invest in transactions of between $2 million and $50 million-plus.

With the departure, Procida will revive Palfi’s predecessor firm, William Procida Inc., the workout and repositioning vehicle he founded in 1995 after 16 years of operating his own development company and a stint with the Trump Org.

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