Mid Atlantic Real Estate Journal Lender’s Directory — Financial Digest — November 9 - 22, 2018 — 9D
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L ender ’ s D irectory
ATERSON, NJ — A 170-year-old former fac- tory complex in the heart 170-year-old former factory complex continues to transform in Paterson, NJ Silver ArchCapital Partners andProcida Funding &Advisors close $12.5million loan toArt Factory P
an old urban center,it was clear that Art Factory Studios fits a unique role in the Paterson community, with many path- ways for success,” he said. Redevelopment efforts in- clude retail stores, exhibition and event spaces, light indus- trial spaces, more office and studio space. “Not only is Art Factory Stu- dios already an in-demand studio space and venue, but the planned expansions will further solidify the space’s role in the continued revival of historic Paterson,” Wolfer said. Originally built in 1844 with
additions constructed in 1916, Art Factory Studios has ac- quired a reputation within film- making circles in recent years for its Old NewYork-like resem- blance and intricate antique details. Dubbed “Hollywood East,” production companies from around the world have booked Art Factory Studios for movie and commercial shoots. In addition to the myriad creative endeavors underway at Art Factory Studios, a portion of the complex is regularly rented out for weddings and corporate events, with close to 75 events scheduled for the next year.
of Paterson will continue to transform, thanks to a $12.5 million loan closed by na t i onw i d e private lend- ers , Si lver Arch Capi- tal Partners and Procida Funding & A d v i s o r s , LLC. “We came through for the borrower, Great Falls I n d u s t r i a l Pa rk , Inc . ,
William ‘Billy’ Procida
468 Totowa Ave., Paterson
Jeffrey Wolfer
and we are happy to help fi- nance this key component of the ongoing cultural and economic revival of Paterson,” said Wil- liam ‘Billy’ Procida , president and CEO of Englewood Cliffs- based Procida Funding & Advi- sors, LLC. “The borrowers came to us after other lenders promised a closing that never happened,” said Jeffrey Wolfer , president and CEO of Silver Arch Capital Partners of Hackensack, adding that the collateral also included a three-building, 106,000 s/f property located at 468 Totowa Ave., Paterson. Sandwiched between Rte. 80 and the Passaic River, the 21-building, Art Factory prop- erty is the former home of the American Hemp Company. Lo- cated at 60-70 Spruce Street in Paterson’s Great Falls historic district, around 90 filmmakers, photographers, and many other creative professionals call Art Factory Studios home. At Art Factory Studios, car- penters, painters and metal- workers produce their crafts side-by-side in open and pri- vate studio spaces complete with high, lofty ceilings, large antique windows and original brick walls. Cobbled courtyards crop up between the build- ings, providing a breathtaking backdrop for photography and videography. “Art Factory Studios isn’t a cut-and-dry office park,” adds Procida. “It is such an interest- ing property with so many dif- ferent purposes which can be too complicated for conventional lenders to even think about. “Located deep in the heart of
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For information on Procida Funding Loan Originations , contact Brian Foley at bfoley@procida.com, for Fund Investor Management , contact Ali Betts, at abetts@procida.com, and for anything else contact William ‘Billy’ Procida at bprocida@procida.com. For more information about Procida Funding, call 201.871.1177 or visit www.procida.com .
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