ENGLEWOOD CLIFFS, NJ—Procida Funding & Advisors, LLC, which recently celebrated its 20th anniversary, has engaged JMP Securities as advisor to Procida and its private equity real estate fund, The 100 Mile Fund, with respect to debt and equity capital raising and strategic alternatives.
Retaining JMP Securities will allow the management to concentrate on originating and managing assets.
"With JMP on board we can focus more on our business strategy which is originating, participating in, servicing and/or acquiring high yield special situation debt. This market has been and continues to be underserved by larger institutions which are one reason why our deal flow is so strong, we currently have over $200,000,000 in the pipeline," says William “Billy” Procida, president of Procida Funding.
The 100 Mile Fund specializes in short term bridge and construction loans of $500,000 to $30 million. Since its formation in October 2011, the Fund has originated more than $186 million of loans. The Fund's average annual net realized distributed return for 2011 through 2014 was 14.5%. The Fund Manager, Procida Funding, LLC was established in 1995 by award winning developer and nationally ranked general contractor Billy Procida and has deployed more than $2 billion for real estate funds it managed, as well as third party accounts. The firm also provides advisory services specializing in construction, development, marketing, restructuring and work outs.
The 100 Mile Fund is an open ended fund with annual redemption rights and makes all investments within 100 miles of Procida's Englewood Cliffs office.
"We are pleased to be working with Procida and believe that the Company's strong track record, extensive experience and attractive returns coupled with management's significant financial commitment to the Fund will be attractive to investors," says Tosh Chandra of JMP Securities.
Headquartered in San Francisco, JMP Securities provides investment banking, equity research and institutional brokerage services to growth companies and their investors.
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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].
