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

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With the departure, Procida will revive Palfi's predecessorfirm, William Procida Inc., the workout and repositioning vehiclehe founded in 1995 after 16 years of operating his own developmentcompany and a stint with the Trump Org.

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"After 13 years at Palisades and its predecessor WPI, and whileI'm only 46, I figured I had one last opportunity to challengemyself," Procida says. "Palisades' fund out-performed almost all ofits peers last year, and it was the right time to sell out tomanagement."

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According to information released by Palfi, its average returnsover the past five years have outpaced the S&P, Dow JonesIndustrial and major REIT indexes, including returning 17% thisyear. "Others were down considerably," Procida says.

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"I started in this business 27 years ago fixing troubledprojects," Procida says. "When I started Palisades, we fixedtroubled projects. Seems like I should be able to get some work inthis environment. But first a few months of golf. I've been a 20handicap for too long."

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"All of the partners and staff at Palisades Financial wish Billycontinued success in his future endeavors," says Calvano. "AtPalisades, we're fortunate to have a very deep bench and the firm'sday-to-day operations have been essentially managed by our fiveother partners for the past few years. So there will be nodisruption to our operation."

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