ENGLEWOOD CLIFFS, NJ—Procida Funding's 100 MileFund reports it has closed on three financing deals in the New Yorkmetro area totaling more than $10 million.
The real estate investment fund, which specializes in $2 millionto $25 million deals, states it has closed on a a $3.8-millionbridge construction loan to complete a seven-story hotel in theBronx, NY, a $2.6-million bridge loan to renovate a 10-propertyportfolio in Paterson, NJ and a $3.725-million bridge loan tocomplete construction and begin leasing on five retail propertyspaces in Northern New Jersey.
The first mortgage bridge construction loan to AMG EltonLLC will enable the construction completion of aseven-story plus cellar, 56-key hotel located at 681 Elton Drive inthe Bronx. Once stabilized, the property was given an appraisal byCushman and Wakefield of $8 million, Procidastates.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
