8B — June 18 - July 22, 2021 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern NJ Cole Schotz P.C. served as lender’s counsel on closing Procida finances debt consolidation of long-standing Melray’s Furniture
N
tri-state area, carrying name- brand furniture and bedding at discounted prices. Throughout the early 2000s, Melray’smain- tained annual growth in sales revenue, capturing record- breaking figures year-after- year. Like many businesses, Melray’s took a hit during the COVID-19 pandemic; however, their continued hard work has led to positive growth, making them a prime candidate for an SBA takeout this fall.
for in a borrower, hardworking and honest.” “I am very thankful to Billy and the team at Procida for giving me this bridge loan and making our path forward much brighter,” noted Buddy Filippone. ABOUT Procida Funding provides capital for a wide range of asset classes in the eastern region of the US, with a concentration in the New York metropolitan area. The firm uses both its own capital and that of its stra- tegic partners, which includes private equity funds and insti- tutional lenders.
The firm’s experience as a borrower and developer pro- vides them with keen insight into how to be a creative and re- sponsible lender and investor. Procida Advisors provides due diligence and asset man- agement services to develop- ers, financial institutions and private equity funds with a concentration on develop- ment, construction, bank- ruptcy, restructuring and marketing. The firm’s specific services include Development Management, Construction Supervision, Restructuring, Crisis Management, Invest- ment Banking, and Asset Management & Disposition. The 100 Mile Fund is an open-ended real estate in- vestment vehicle exclusively managed by Procida Fund- ing, LLC. The Fund pro- vides bridge, construction, mezzanine, and preferred equity financing for value add, distressed, and spe- cial opportunistic situations within 100 miles of NewYork City. The Fund is open to accredited investors pursu- ant to a Private Placement Memorandum and subject to all rules and regulations of the SEC as well as state and federal laws. MAREJ TheHampshireCos. announce final stages of construction for RIVET 26 RIVET 26 Interior JERSEY CITY, NJ — The Hampshire Companies, Cla- remont Development, and Circle Squared Alternative Investments announced the final stages of construction for RIVET 26, Jersey City’s newest luxury apartment development located at 26 University Place Blvd. at University Place in the city’s west end neighborhood. Designed by project architect Netta Architects , RIVET 26 will bring 199 modern rental residences and 10,000 s/f of service-oriented ground level re- tail to the rapidly growing Uni- versity Place community. With interior design being overseen by Interior Motives . MAREJ
ray’s Furniture) will bridge the company for a conventional takeout. Cole Schotz P.C. was lender’s counsel on the closing. Located at 45 Ridge Rd. in North Arlington, Melray’s Furniture is a family-run business that has been in op- eration for over 80 years. Mi- chael “Buddy” Filippone, the son of the company’s founder, and Buddy’s daughter, Amy Filippone Cabrera, currently own and run the day-to-day operations of the store. South Bergen County’s largest fur- niture store, Melray’s serves customers throughout the
ORTH ARLING- TON, NJ — New Jersey-based com-
mercial real estate lend- er, Procida F u n d i n g , announc ed that it pro- vided a $5.15 million debt consolidation bridge loan,
Brian Foley
on behalf of the 100 Mile Fund, which Procida exclusively manages. The loan made to 45/55 Ridge Road Real- ty, LLC and Melray’s New Building, LLC (DBA Mel-
“We are very excited to be working with the Merlay’s team,” said Brian Foley , vice president of Procida Funding. “They are exactly what we look ADVOCATE. ADVISER. ALLY.
We’re the largest independently-owned capital markets firm – known for our valued relationships and strong results. While you can count on us as your advocate, adviser, and ally, we are your partner long after closing. With our extensive network of capital sources, buyers and sellers, we can provide certainty of execution and protection of your investments in any market condition.
northmarq.com/north-new-jersey | 973.538.2330
Managing Director Debt & Equity GARY COHEN
Vice President Debt & Equity MARC NEVINS
COMMERCIAL REAL ESTATE DEBT & EQUITY | INVESTMENT SALES | LOAN SERVICING
Made with FlippingBook Ebook Creator