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Procida Funding wraps $5.9M in loans

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Procida Funding announced this week that its 100 Mile Fund recently closed on three loans totaling almost $5.9 million for retail centers in Washington, West Orange and Kingwood townships.

Transactions include a $3.25 million loan to Long Valley Real Estate for a 17,600-sq.-ft. retail strip center on 3.4 acres in Washington Township, a $2.13 million loan to Bhumi Real Estate for improvements to a 9,334-sq.-ft. strip center in West Orange and a $480,000 loan to French Town Inc. for 4,000 square feet of rental space on 1.8 acres in Kingwood.

“[The sites] are at or near 100 percent occupancy in strong markets,” Procida Funding CEO Billy Procida said. “While conventional lenders avoid these types of deals, we are thrilled to lend to real estate investors with proven track records and solid strategies.”

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Elana Knopp

Elana Knopp

Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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