William “Billy” Procida is president of William Procida Incorporated. He has been an independent entrepreneur since 1981, and has a unique perspective on the markets as a developer who now also provides financing. His firm, founded in 1995 and based in Englewood Cliffs, NJ, specializes in providing management and capital for both distressed and value added situations. WPI has completed over $2 billion dollars of transactions ranging from $1 million to $50 million, using its own capital and that of strategic capital partners. Procida Advisors provides due diligence and asset management services to financial institutions and private equity funds with a concentration on construction, bankruptcy, restructuring and marketing. Procida spoke exclusively with GlobeSt.com's Steve Lubetkin about some aspects of the emerging crowdfunding market for commercial real estate that concern him.
Q: The JOBS Act has been spectacularly successful in broadening the crowdfunding opportunities for commercial real estate developers, right?
A: Prior to that legislation, it was illegal for a firm like ours (we run a private equity fund that makes real estate loans and investments of $2 million to $50 million), to advertise or solicit in any way. Ten months after its passing, numerous real estate crowdfunding platforms have sprouted up online like a garden in spring and accredited investors have flowed like a garden hose.
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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].
