10A — September 16 - 29, 2016 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
Y Lefkowitz and Grunberger negotiate transaction Meridian Capital arranges $33.7m for a 275,000 s/f SC
Principal Commercial Capital arranges $820,000 in comm’l mortgages for local investor
enough equity to purchase the new location with NO cash out of pocket, including closing costs. The loans provided up to 75% LTV and 30-year amor- tization, without the need for the borrower to provide tax returns. Principal Commercial Capi- tal Group remains committed to serving the main street investors nationwide. n Procida crosses $350m milestone ENGLEWOOD CLIFFS, NJ — Procida Funding ’s 100 Mile Fund has recent- ly cleared the $350 million threshold of lending origina- tions since the Fund’s start in 2011. This is an important milestone for the fund, which has seen rapid growth and high dividends for investors over the past five years under the leadership of president and CEO William Procida . When asked to explain the fund’s remarkable returns, Procida said the following: “We do not chase trends- we focus on developers of low-risk projects in sub-markets like Nyack, NY or Beacon NJ. Many lenders do not understand that the price basis and stability in those mar- kets reduces risk.” The fund’s hefty 14% (average) return to investors is evidence that the 100 Mile Fund not only under- stands market dynamics, but is positioned to capitalize on them. The 100 Mile Fund is a mid- dle-market real estate invest- ment vehicle focused on de- velopment and bridge loans. The fund exclusively loans to borrowers and projects within 100 miles of the fund’s offices next to the George Washington Bridge- hence the name “100 Mile Fund.” The fund’s typi- cal borrower refinances with conventional long term debt an average of 14 months after re- ceiving a loan fromProcida. The fast pace and quick turnover of the fund’s business has consis- tently rewarded investors. “We like to support develop- ers that have the insight and skill to undertake projects that help complete a neighborhood,” said Procida. “When we find a worthy site that has fallen into disrepair, and transform it to reach its full potential, we not only improve the look, increase safety, and raise the financial value for those who live and work there, we also create a rate-able property for the municipality where there was once just an eyesore.” n
MONMOUTH COUNTY, NJ — Principal Commer- cial Capital Group (PCCG) announced the closing of a total $820,000 in commercial mortgages on three commer- cial buildings in Monmouth County, NJ for a success- ful real estate investor. The subject mixed use buildings including a 2-unit property, 5-unit property and 10-unit property. The borrower was looking to leverage current proper- ties in order to purchase the 10-unit mixed use building to grow his portfolio. PCCG was able to arrange financing to do a refinance cash out on two buildings which providing
ORK, PA — Meridian Capital Group , Amer- ica’s most active debt broker, arranged $33.7 million in permanent financing for a shopping center located in York. The seven-year loan, provid- ed by a balance sheet lender, features a competitive fixed rate of 3.90% with a five-year extension option. This trans- action was negotiated by Me- ridian senior vice president, Barry Lefkowitz and vice president, SamGrunberger , who are both based in the com- pany’s Iselin, NJ office. The Crossroads Shopping Center is a 274,445 s/f shop-
Crossroads Shopping Center
ping center, located at 351 Loucks Rd. in York, PA. Situat- ed on Rte. 30 at the intersection of I-83, retailers benefit from the center’s superior location. “The Crossroads is a regional
shopping destination situated conveniently near major high- ways, which enables national retailers to service the entire marketplace from one central location,” said Lefkowitz. n
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