Real Estate Journal — Pennsylvania — February 9 - 22, 2018 — 13C


M id A tlantic

P ennsylvania

Fulton Bank and Enhanced Capital rounded out the funding team Procida Funding in place to renovate and restore the Historic PhiladelphiaMetropolitanOpera House P meetings, I’m excited to get back to what we do best…get- ting things built! Or in this case restored.” delphia Metropolitan Opera House, click here. About Procida Funding & Advisors, LLC

HILADELPHIA, PA — January 26th was a big day for Phila- delphia, developer Eric Blu- menfeld , Live Nation, and Philadelphia’s North Broad Street Corridor; The Metro- politan Opera House received the funding from Procida Funding in the amount of $58 million to renovate and restore the historic Metro- politan Opera House on North Broad which originally opened in 1908. Thanks to $4.2 million of eq- uity provided by Procida Fund- ing, who recently provided over $75,000,000 to renovate the Divine Lorraine Hotel and other historic buildings on North Broad Street, the construction is in full swing. The projects other lenders and investors include the Commonwealth of Pennsylva- nia, the City of Philadelphia, Philadelphia Industrial De- velopment Corp, HUD, Fulton Bank and Enhanced Capital in addition to Procida Funding. The property is leased to Live Nation who will run a concert venue there, and the space will also be used on Sun- days for church services, and other community uses by day. The Opera House was de- signed by Oscar Hammerstein and built in 1908. It was said at the time that it had the best acoustics of any opera house in the world. Blumenfeld has brought on the services of Domus Construction, who worked with him on the Divine Lor- raine and other North Broad Street projects, as well as the architectural firm Atkin Ol- shin Schade Architects, who specializes in theaters and historical restorations. “It’s a pleasure to work in Philadelphia. We had direct contact regularly with ev- eryone from Governor Tom Wolf, who visited twice, to City Council president Dar- rell Clarke , director of plan- ning and development Anne Fadullon , and PIDC presi- dent John Grady . Without them and their staffs this would have never been pos- sible,” said William ‘Billy’ Procida , president and CEO of Procida Funding. “The folks at Fulton Bank and Enhanced Capital rounded out the fund- ing team and were great to work with. Now after six months of lawyer and banker

For information on Procida Funding Loan Originations, contact Brian Foley at bfoley@ procida.com, for Fund Inves- tor Management, contact Ali Betts, at abetts@procida.com, and for Portfolio and Bad Debt Analysis contact William ‘Billy’ Procida at bprocida@ procida.com. For more infor- mation about Procida Fund- ing, call 201.871.1177 or visit www.procida.com. For photos of the Phila-

Procida Funding, LLC, pro- vides bridge, mezzanine and equity capital to the real estate industry and middle market companies. Since 1995, the firm has completed over $2 billion dollars of transactions ranging from $1,000,000 to $50,000,000. The Firm uti- lizes its own capital as well as strategic capital partners. Procida Advisors provides due diligence and asset man-

Metropolitan Opera House

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