Procida Funding Ends Year with Flurry of Deals
Its year-end transactions included a $10-million loan to finance the reconstruction of Seaside Heights’ historic Belle-Freeman Pier, which was destroyed by Superstorm Sandy and a subsequent fire.
ENGLEWOOD CLIFFS, NJ—Procida Funding reports that thanks to a number of significant financing deals in the month of December, the firm ended 2019 closing approximately $134 million in transactions for a range of asset classes.
The locally-based firm, which exclusively manages the open-ended private real estate trust the 100 Mile Fund, announced that among its year-end transactions included a $10-million loan to finance the reconstruction of Seaside Heights’ historic Belle-Freeman Pier, which was destroyed by Superstorm Sandy and a subsequent fire. The Mabie Group, plans to transform the now vacant lot into the boardwalk’s premier entertainment destination, featuring a 17,500-square-foot, multi-tiered restaurant and bar, a pool club for residents and a proposed concert venue. This is Procida’s second project with The Mabie Group.
In December, Procida funded a $39-million construction loan on behalf of the 100 Mile Fund, to repeat client Forte Real Estate Development. The company financed “The View at Middlesex,” a new multifamily development project in Middlesex. Forte is revitalizing the vacant, under-utilized properties at 220 and 232 Lincoln Blvd. into a 255,000-square-foot, five-story building with 200 amenity-filled apartments and new retail spaces.
Established in October 2011, the 100 Mile Fund provides bridge, construction, mezzanine and preferred equity financing for value-add, distressed and special opportunistic situations within 100 miles of New York City. Since 2012, the net annual dividend has averaged 12.9%.
Also, in December, Procida provided a $6.15-million loan to 404 Church LLC based in King of Prussia, PA. Operating since 1965, Francis Schultz, locally known as “Shorty,” owns industrial and auto salvage facilities in Pennsylvania and South Jersey.
Year-end activity also included 10 payoffs totaling $39,967,500. Deals included a payoff of a $7-million construction loan to The Mabie Group for The Shoppes at Hooper, a mixed-use 60,000-square-foot building in Toms River, NJ that is now over 70% leased.
Procida uses both its own capital and that of its strategic partners, which includes private equity funds and institutional lenders. The firm offers loans from $1 million to $100 million, with a focus on deals from $3 million to $50 million.