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FORT LEE, NJ-With the notice last week that he had sold his interest in Palisades Financial, the real estate lending firm based here, and simultaneously resigned as the firm�s chairman and CEO, Billy Procida also revealed that he was launching a new company, William Procida Inc. That was also the original name for Palisades Financial, and with the change Procida has effectively returned to the workout business.

The move is largely driven by the current state of the market, he tells GlobeSt.com exclusively. “The first 15 years of my career, anybody who was anybody had 20 years experience at least, if not more, and was second generation, grew up, came through the ranks,” he tells GlobeSt.com. “And the past decade, pretty much the average experience was three-to-five in good times. Everybody seems to have a private equity fund now, and very few people know anything about construction, on-site marketing, repositioning, approvals and all that good stuff that real estate was made from, instead of financial engineering, like rate compression, yield compression.

“So I figured that a guy with construction, sales and leasing, development expertise combined with the fact that I was a fund manager for a decade, might just come in handy,” Procida continues. “Last year, I did a substantial amount of workout business, so basically I sold the fund management business and kept the asset management advisory business.”

He notes that he will “continue to assist folks in getting their money back, monetizing their position, as well as investing for my own account. And I�m still one of the biggest investors in Palisades� funds. I�ve gone from being an owner of Palisades to being a client of Palisades. Not to mention–we did 17% net of fees last year distributed to our investors. I figured, wouldn�t it be nice to step down while you�re on top?”

As far as specific plans, he�s in the process of launching WPI, of course, while handling workouts for a few clients, doing a lot of short-term advisory work. And he will likely announce an affiliation with a major East Coast construction company soon, “to do half-built jobs, taking over jobs that developers busted, over budget, behind schedule and the wrong product to begin with.”

As far as a location, “that�s TBD,” the Fort Lee resident says. It will probably entail offices in New Jersey and New York, and possibly Florida. “My plan is to go into real ‘hot spots’,” he says.

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