4B — March 27 - April 9 , 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
NGLEWOODCLIFFS, NJ — Procida Fund- ing &Advisors (Proci- Firm provides due diligence, asset management services to developers & financial institutions Procida Funding & Advisors rolls out advisory platform in 2020 E
institutions and private equity funds with a concentration on development, construction, bankruptcy, restructuring and marketing. Procida completed an array of assignments starting in the year 1981 at 181 Hudson in New York City, to the Shore- haven Condominiums in the mid-1990s in the Bronx. They restructured a national portfo- lio of distressed real estate for Richie Capital during the fi - nancial crisis in 2008 and 2009. “When times are good, no one needs help working out debt or distressed situations,” said William “Billy” Procida ,
company president and CEO. “However, economic fluctua- tions are inevitable. When businesses, their creditors and other parties are faced with complex and time-sensitive decisions involving the pur- chase, sale, or restructuring of assets and liabilities, we are positioned to meet each client’s specific needs.” Over the last 90 days, the firm’s advisory team has suc - cessfully completed a number of significant assignments: Partnership Dispute/De- velopment Management: An overseas client retained Procida Advisors in an advisory
role to work through a partner- ship dispute and ongoing litiga- tion involving two waterfront multifamily projects in North Miami Beach, Florida. The 90-day assignment involved re- solving open issues for obtain- ing a Certificate of Occupancy, evaluating ongoing construc- tion defects, insurance claims, and getting the property sta- bilized and income-produc- ing. Procida provided dispute resolution with an operating partner. Serving essentially as the owner’s development rep- resentative, Procida handled all pre-development work in- cluding completing budgets,
reviewing permit approvals for construction and prepar- ing financing loan submission packages for bank review. The firm also identified, vetted and engaged qualified and licensed general contractors, sales and leasing brokers, and property management firms, as well as leveraged contacts built over 35-plus years to engage local counsel. Debt Restructuring: Proci- da Advisors was engaged by the owner of a medical/office portfolio with underperforming assets in northern New Jersey, New York and Florida. Work- ing on behalf of the borrower, a high profile, high net worth individual, the firmwas tasked with negotiating with a special servicer to discuss the restruc- turing and modification of $100 million of existing debt. Procida looked to leverage extensive prior restructuring and advi- sory roles to amend the medi- cal operating companies and increase net operating income. Portfolio Valuation: A re- gional bank retained Procida Advisors to complete a competi- tive market analysis of several real estate loans located in the New York City metro market. Utilizing a rigorous process and procedures, the Procida team evaluated market feasibility, projected income and offered opinion of value. Procida con- tinues to monitor ongoing per- formance of the loan portfolio. Whether representing a lender or a borrower, a fund manager or an investor, Proci- da Advisors’ senior team has extensive experience in areas including Development Man- agement, Restructuring, Due Diligence, Crisis Management, Investment Banking, and Asset Management and Disposition. Furthermore, Procida provides general advisory services which included executive placement, human resources as well as “secret shopping” and asset review. “No matter what the situation, our advisory team excels at determining the best strategy and expediting its ex- ecution,” added Procida. Since its founding in 1995, the company has provided more than $3B in financing for a wide range of asset classes in the eastern region of the U.S., with a concentration in the NY met- ropolitan area. Utilizing its own capital and that of strategic partners, the Fund originates and purchases mortgages as well as makes investments in real estate and business.
da) , a New Jersey-based commercial real estate f i n a n c i n g and advisory firm, has an - nounced the roll-out of its advisory ser-
William Procida
vices platform. The 25-year-old company provides an array of services from due diligence to asset management services, restructuring, crisis manage- ment for developers, financial
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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