14A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
F inAnciAl d igest
Recent projects include: Riverwood Chase, 200 new townhomes in Toms River, NJ procida Funding & Advisors, llC’s 100 Mile Fund announced 14% return to investors
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N G l E W o o d CliFFS, NJ — proci- da Funding & Advi-
of non-performing loans, as well as the origination of con- struction and bridge loans throughout NewYork and New Jersey. The fund distributes all of its realized gains so investors receive a cash distribution of $14,800 for every $100,000 investment unit. The 100 Mile Fund is able to make their returns through the purchase of b-notes and junior participation’s in bridge and construction loans. Procida typically originates the loan and sells off the senior piece to a bank or insurance com-
pany and the fund retains the junior participation or the “b” piece. The 100 Mile Fund has invested in most asset classes throughout the tri-state area. “We simply fill the void; every deal has some bankable component. We do the rest. So for a borrower who needs a quick closing or has a complex deal we will typically take it down ourselves then sell off a senior piece after we’ve reduced the risk,” said Billy procida , president & CEO of Procida Funding. Some recent projects for Procida and The 100 Mile
Fund include; Riverwood Chase, 200 new townhomes in Toms River, NJ with Ryan Homes, the completion of Free- hold Commons office building in Freehold, NJ, and a new Habitat for Humanity ReStore
in Randolph, NJ. The 100 Mile Fund is cur- rently open to accredited inves- tors and anticipates the fund will complete $100,000,000 of loans and investments in 2013. n
sors, llC , t h e f u n d manager of the 100 Mile F u n d a n - nounced that it achieved a 14.39% re- turn to its investors in
hARRiSBuRG, pA —Com- mercial mortgage brokerage firm Eastern union Fund- ing announced that it has arranged approximately $25 million in financing for com- Eastern union arranges $25 million in pA financing mercial real estate properties in Pennsylvania. Select transactions in- clude:
Billy Procida
2012. The 100 Mile Fund, which launched in October of 2011, had a solid opening year having participated in the purchase of over $100,000,000
• $14.2 million for the refi- nance a 324-unit multi-family property in Harrisburg, PA, on a 5 year term, at 3.875 percent, and a 30 year amor- tization. ShayaAckerman of Eastern Union arranged the transaction. • $4.6 million for the refi- nance a 143-unit mixed-use property in Wilkes-Barre, PA, on a 10 year term, at 3.875 percent, and a 30 year amor- tization. Michael Muller of Eastern Union arranged the transaction. • $4.5 million for the refi- nance a 114-unit multi-family property in Harrisburg, PA, on a 5 year term, at 3.38 percent, and a 30 year amortization. Ackerman arranged the trans- action. n MANhATTAN, NY — da- vid Turley and Janet pro- scia of Cronheim Mort- gage secured $20.6 million in acquisition financing for an eight-building, 229-unit, multifamily portfolio located in the Manhattan neighbor- hoods of Washington Heights and Inwood. The funding was sourced from two banks, each of which financed four build- ings for $10.6 million and $10 million, respectively, on a non- recourse, non-crossed basis. The combined facility provided 79% loan-to-cost financing for the $26 million purchase. The weighted average rate was fixed at 4.01%, which included a six-month forward rate lock, for a 10 year loan term on a 30 year amortization schedule for each loan. The Properties are all five- story walk-up, rent stabilized apartment buildings ranging in size from 18 to 68 units. n Cronheim Mortgage secures $20.6m for multi- family portfolio
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