ENGLEWOOD CLIFFS, NJ—Procida Funding's 100 Mile Fund reports it has closed on three financing deals in the New York metro area totaling more than $10 million.
The real estate investment fund, which specializes in $2 million to $25 million deals, states it has closed on a a $3.8-million bridge construction loan to complete a seven-story hotel in the Bronx, NY, a $2.6-million bridge loan to renovate a 10-property portfolio in Paterson, NJ and a $3.725-million bridge loan to complete construction and begin leasing on five retail property spaces in Northern New Jersey.
The first mortgage bridge construction loan to AMG Elton LLC will enable the construction completion of a seven-story plus cellar, 56-key hotel located at 681 Elton Drive in the Bronx. Once stabilized, the property was given an appraisal by Cushman and Wakefield of $8 million, Procida states.
The bridge loan with JCM Investors 1012 LLC, will allow for the completion of construction and renovation of 10 properties located in Paterson, NJ. JCM Investors 1012 LLC and 100 Mile Fund have completed deals on a number of refinance/construction projects in the Paterson area.
The bridge loan to Alliance Hand and Physical Therapy et al. will permit the completion of construction and eventual leasing of five properties in the towns of Hackensack, Hawthorne, Lodi, and Ramsey, NJ. The properties, once stabilized, have an appraisal of just under $5.4 million, Procadia officials say.
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