UNION CITY, NJ-Procida Funding LLC has sold a $3.6 million loan secured by a partially built 28-unit condominium at 4115-17 Park Avenue here to Fidelity & Guaranty Life Insurance Co., the first transaction between the two companies. The transaction averted a foreclosure on the property as a result of negotiations between direct lender and servicer Procida Funding, the original borrower and the new developer.

“There are a lot of vulture debt buyers, and I don’t think that’s a good thing,” Billy Procida, president of Englewood Cliffs, NJ-based Procida Funding, tells GlobeSt.com. FGL is a senior participant in the loan, while Procida remains a junior partner and a servicer.

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