28A — May 29 - June 11, 2020 — M id A tlantic Real Estate Journal
www.marej.com
P eople on the M ove
SCOPE adds Malik as director in Phila. office
NGLEWOODCLIFFS, NJ — While much has changed in the com- Company provides financing for a diverse range of asset classes Procida Funding & Advisors marks 25-year anniversary E
In her new role, Kleine will source and complete invest- ment sales transactions involv- ing suburban office buildings, warehouse/industrial proper- ties and neighborhood retail shopping centers throughout the Northern VA area with a focus on the Loudoun County marketplace. This will include formulating and strengthening relationships with individual property owners, private equity investment groups, institution- al owners, and lenders, particu- larly those that are active in the Loudoun Cty. community. decade of deep-rooted rela- tionships within the Central Pennsylvania submarket,” adds Phil Sharrow, managing director of SCOPE. “His ability to navigate complex transac- tions and get them to the finish line is really what sets him apart from other brokers. His clients are fortunate to have him on their side as are we.” Malik brings 12 years of ex- perience in Central PA’s com- mercial real estate market. He joins SCOPE from Marcus & Millichap. leasehold or his unamortized investment in the space. If someone wants to buy a car, and cannot do that today, he can buy that durable in 3 months and the retailer gets the sale at full price. However, the restaurateur who does not sell a meal today, can’t make that up next week or next month. There is no shelf life to a restaurant demand. A restaurant is a lowmargin, high turnover business. It is a warehousing, storage, prepara- tion, cooking, assembly, and sales facility. It is a labor inten- sive undertaking. A restaurant doesn’t go broke on its’ P&L. It goes broke on its cash flow. People will not stop eating. We are social animals and will still want to gather. The indus- try can weather a storm but needs to be able to meet reason- able obligations and maintain cash flow along the way. Landlords need to under- stand the demands. It is going to be a challenge. Paul Fetscher is president of Great American Broker- age Inc. a New York based commercial real estate firm specializing in restaurants and retail as well as busi- ness brokerage.
PHILADELPHIA, PA — Scope Commercial Real Es- tate Services, LLC (SCOPE) h a s a n - nounced that Fahd Malik has j o ined SCOPE as a d i r e c t o r in the firm’s Philadelphia office. Malik will focus on multifamily investment sales throughout Pennsylvania. “Fahd joins us with over a Fahd Malik
Sandy and a subsequent fire - into the boardwalk’s premier entertainment destination. In November, the company also financed a $39 million con- struction loan, on behalf of the 100 Mile Fund, to redevelop underutilized parcels into an amenity-filled multifamily property in Middlesex. Additional marquee transac- tions over the last few years include a $38.5 million debt consolidation loan to Nyack College in Nyack, NY, a $68.5 million construction loan to developer Dean Geibel on Gulls Cove Phase II – a 109- unit condo building in Jersey City, and a $34.75 million con- struction loan to developer Eric Blumenfeld on the restoration of the historic Divine Lorraine Building in Philadelphia. Procida Combines Deep Personal Connections with Talented Young Team A Bergen County native, Procida got an early start in business as the son of a con- tractor, growing up in an en- trepreneurial family. Summer jobs as a young teen were often hard work, digging holes and pouring concrete – and gaining valuable insight into the NY metro area’s CRE industry, literally from the ground up. “I’ve been in tune with how markets work since I was kid,” added Procida. “That said, hav- ing a balanced combination of knowledge and instinct has proven fundamental to my success in real estate – and staying local. My team and I meet face-to-face with clients, shake their hands and see the properties for ourselves. I have always been fortunate enough to recognize opportunity when I see it and our young and growing team is quickly learn- ing to do the same.” Throughout his career, Procida has established thou- sands of relationships in all facets of the real estate in- dustry, taking great pride in the number of repeat clients. He also has been friends with many of his clients and inves- tors since he was in grade school. For Procida, those deep family and friend connections run through his company, as well. His talented, young team includes three vice presidents, Michael Coen, Brian Foley and DerekWeissman , whose families Procida has known for decades. Coen handles due diligence and investment
banking and works with Foley on taking the transaction through the loan origination and closing process while Weissman runs the company’s asset management services. The three VPs have been together at the company for nearly five years, and in that time, have closed finance and asset management deals in- volving more than half a bil- lion dollars in projects. “They are leaders in our cul- ture, and share their knowl- edge with their coworkers,” said Procida. “We have never had such a strong, bright, and talented group as we do now. Each team member has their own role but they work as one cohesive unit, which has trans- lated to our success.” “With Billy, we never stop learning about the industry and the people we serve,” Foley noted. “Beyond that, we have shared Billy’s culture – to always do good for our clients and investors – plain and simple. The company’s mantra comes directly from Billy: Don’t worry about mak- ing money. Our goal is about helping our clients and the communities that they are in; the money will follow.” The CRE industry contin- ues to recognize the work of Procida and his company. Honors include his numerous “Outstanding Developer of the Year” Awards from the Associated Builders and Own- ers of Greater New York and the “Excellence in Housing” Award from the NYS Gov- ernors, as well as company recognition as the “Non-Bank Lender of the Year” and “Top Specialty Fund” by Real Es- tate Finance & Investment, among others. Utilizing its own capital and that of strategic part- ners, Procida Funding & Advisors offers loans from $1MM to $100MM, focus- ing on deals in the $3MM to $50MM range. Since 2012, its 100 Mile Fund’s net annual dividend to its investors has averaged 12.9 percent, net of all fees. Procida Funding & Advisors also provides advi- sory services for developers, financial institutions and pri - vate equity funds, including due diligence, development management, construction supervision, restructuring, crisis management, invest- ment banking, asset manage- ment and disposition.
mercial real estate indus- try since Wil- liam “Billy” P r o c i d a started his career over forty years ago, his phi- losophy on
William Procida
business remains the same – focus on local deals that are a force for positive change in communities. That philosophy is at the heart of the success of his company, Procida Fund- ing & Advisors , a northern NJ-based commercial real es- tate finance and advisory com - pany now celebrating its 25th successful year in business. After a 15-year career as an award winning, nationally- ranked developer and gen- eral contractor, Billy Proci- da founded William Procida Incorporated, which is now Procida Funding & Advisors. “Revitalizing an under-uti- lized, distressed property has a powerful impact on the sur- rounding neighborhood and area,” said Procida, “I’ve seen the transformation time and time again.” Procida has completed bil- lions of dollars of successful projects. Those include ground- up multifamily construction projects in the South Bronx – at the start of his career - and historical revitalization proj - ects, such as The Philadelphia Metropolitan Opera House and The Art Factory in Paterson, NJ’s Great Falls district. Under his direction as presi- dent and CEO, the company provides financing for a diverse range of asset classes in the eastern regions of the U.S. The firm manages the 100 Mile Fund, an open-ended, real estate investment vehicle, providing bridge, construction, mezzanine and preferred eq- uity financing for value add, distressed and opportunistic situations within 100 miles of NYC. The company also offers advisory services to cli- ents that need more than just funding. Most recently, Procida Fund- ing &Advisors completed $134 million in financing in 2019. High-profile transactions in - cluded a $10 million loan to transform Seaside Heights’ historic Belle-Freeman Pier - destroyed by Superstorm
EdgeCapitalMarkets selects Kleine as senior director
WASHINGTON, DC — Edge has announced the hir- ing of Cristine Kleine as se-
nior director w i t h t h e Capital Mar- kets Group. Kleine brings more than 15 years of in- v e s t m e n t sales, leasing, finance, and
Cristine Kleine
settlements experience to this new position and previously functioned as director for Me- tropolis Capital Advisors.
continued from page 2A How to deal with landlords in the . . .
the tunnel. Some experts have predicted anywhere between 20% - 40% of all restaurants closing permanently. With a glut of restaurant spaces available, and a signifi - cantly slackened demand, how long with it take to find a suit - able replacement tenant. With the supply / demand curve so distorted, what percentage of the previous rent can he achieve? With uncertainty in the marketplace, how long will it be before he can achieve par- ity with previous rent? An in-place tenant is valu- able. A landlord is far better off accepting a viable rent from a tenant in place rather than having to go out and find a re - placement. Otherwise he needs to search for a new tenant, pay fit out costs, absorb down time during construction, have to pay an additional leasing com- mission, await liquor license approval and probably settle for a lower rent than he has in contract rent presently. Whatever happens, the land- lord has a high safety net in that he still owns the real estate. If the operator cannot reopen, or operate profitably, then there is no value to his
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