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Procida vehicle closes on $10M in loans

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An Englewood Cliffs company on Tuesday announced three loan closings totaling more than $10 million.

Procida Funding’s real estate investment vehicle the 100 Mile Fund issued a $3.8 million bridge construction loan for a Bronx hotel, a $3.725 million bridge loan for five northern New Jersey properties, and a $2.6 million bridge loan for 10 Paterson properties, it said in a news release.

The Bronx deal, with AMG Elton LLC, will enable the completion of a seven-story hotel in that New York borough. The northern New Jersey agreement, with Alliance Hand and Physical Therapy et al., will allow the construction and leasing of properties in Hackensack, Hawthorne, Lodi and Ramsey. The Paterson loan, with JCM Investors 1012 LLC, will enable the construction and renovation of the 10 properties.


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