6A — July 11 - 24, 2014 — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest Procida closes three transactions totaling over $10m Procida Funding closes $3.8m bridge construction
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and begin leasing on five retail property spaces in northern New Jersey. The $3.8 million first mort- gage bridge construction loan to AMG Elton LLC will enable the construction completion of a seven-story plus cellar, 56-key hotel located at 681 Elton Dr., Bronx, NY. Once stabilized, the property was given an appraisal by CushmanandWakefield of $8 million. The $2.6 million bridge loan with JCM Investors 1012 LLC, will allow for the completion of construction and renovation of ten properties located in Pat-
erson, NJ. This is not the first collaboration of its kind between JCM Investors 1012 LLC and 100 Mile Fund; the duo already has a successful track record with past refinance/construction projects in the Paterson area. Finally, the $3.725 million bridge loan to Alliance Hand and Physical Therapy et al. will permit the completion of con- struction and eventual leasing of five properties in the towns of Hackensack, Hawthorne, Lodi, and Ramsey, NJ. The properties, once stabilized, have an appraisal of just under $5.4 million. n Eastern Union orchestrates $3.44m financing WASHINGTON,DC —Local developer Community Three Development is renovating 17 one-bedroomapartments inFox- hall Village, a coveted neighbor- hood in the greater Washington DC area. With its tree-lined streets and Tudor homes, sand- wiched between Georgetown and Palisades, the housing market in the neighborhood is known for its low turnover rate and long-termresidents, driving demand for the housing units once renovation is complete. Marc Tropp and Shai Romirowsky of Eastern Union Funding negotiated a $3.44 million loan to purchase and renovate the premier—yet predominantly vacant—apart- ment building. The purchase price was $3 million. “We are fortunate to have found this apartment complex largely vacant, allowing us to bring much value to the prop- erty,” said Daniel Kaplan , acquisitions director at Commu- nity Three Development. “Shai approached us about financing options at a very opportune mo- ment, and positively changed the economics of the deal. The structure that Eastern provided was extremely attractive and made the decision to move for- ward even easier.” Tropp and Romirowsky re- cently formed a partnership to manage all deal flow, which provides clients with double the attention and value. “We’re es- sentially bringing clients twice the manpower, and playing to both our strengths” Tropp said. “We work extremely well to- gether and this recent example at Foxhall Villagehighlights our value proposition.” n
EW YORK / NEW JERSEY — Procida Funding’s 100 Mile
Fund , real estate investment vehicle specializing in $2-$25 million positions, has an- nounced its own triple crown this week – the recent closings on three major deals totaling over $10 million. The closings include a $3.8 million bridge construction loan to complete a seven-story hotel in the Bronx, NY, a $2.6 million bridge loan to renovate a ten- property portfolio in Paterson, NJ and a $3.725 million bridge loan to complete construction
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