5-30-14

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ISSUE HIGHLIGHTS Volume 26 Issue 10 May 30 - June 12, 2014 Commercial RE Forecast Summit June 25th, 2014 Register Today at www.rejournals.com

Including a $13,000,000 first mortgage bridge loan Procida’s 100 Mile Fund completes over $30 million of financing in PA

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HILADELPHIA, PA — Procida Funding & Advisors , a real estate

investment b a n k i n g and adviso- ry firm an- nounced the complet ion of three sep- arate financ- ing transac-

Billy Procida

tions totaling $30,500,000 in the Philadelphia area in the first quarter of 2014. In January, Procida provid- ed a $13,000,000 first mort- gage bridge loan to Kirkbride Medical Center, a 330,000 s/f medical facility in West Phil- adelphia. Loan proceeds are being utilized to reorganize existing creditors and pro- vide capital improvements for continued expansion and tenant improvements. Procida also provided a $13,500,000 first mortgage bridge loan for a development site in Southern Philadel- phia. “This whole deal trans- pired in 5 days from start to close. Borrowers understand

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5-12B

Kirkbride Medical Center, West Philadelphia, PA

Industrial/Distribution CentersSpotlight FeaturingNAIGlobal

that we provide certainty of execution, experience and discretion and we’ve been able to develop significant relationships as a result,” said Billy Procida , CEO & founder of Procida Funding.

highlights our activity in the market as a provider of flex- ible financing for complex and time sensitive real estate transactions,” said Kyle Funsch , principal of Procida Funding.” n

The most recent transac- tion in the Philadelphia area was a $4,250,000 bridge loan for a mixed use property located in Clifton Heights, PA. “The series of recent transactions in Philadelphia

GFCIB closes $11 million discounted note purchase financing loan for 120,000 s/f

Advisors, LLC to provide exclusive financial advisory and loan placement services to them. The collateral was a class A office building of 80,000 s/f, the first part of the loan closed about 10 days ago was secured by a 40,000 s/f class A office building. located in the suburbs of Philadelphia, which was in foreclosure by a major national default servicer with a sheriff sale date was set. To make matters more complicated this was a deal owned by Tenants in Common, the TIC aspect just added another layer to deal with. Negotiating a discounted

mercial real estate own- ers, devel- opers, build- ers and mid sized busi- nesses, an- n o u n c e d that it has

PHILADELPHIA, PA — GFCIB and Advisors, LLC , a nationally recog- nized advisory firm for com-

payoff and brining in new financing was a great re- sult for all parties, said H. Jack Miller who personally handled this transaction. We spend a lot of time get- ting to know our clients, the projects and motivations everyone has, then we work with all stakeholders to get the best possible out come, sometimes this included obtaining a discounted note purchase financing, loan and mortgage modifications and financial restructur- ing with our without new equity. Protecting, advocating and satisfying the needs and desires of our client’s one transaction at a time. n

Section C

Directory

Shopping Centers............................... 7-15A Owners, Developers & Managers..Section B Green Buildings............................. 13-17B

Jack Miller

once again successfully closed on a discounted note purchase financing loan this is the second phase of a mush larger transaction for a Private Real Estate partnership located in the suburbs of Philadelphia. The total transact ion closed at $11 million- with a total of 120,000 s/f of class A office space. The owner- ship engaged GFCIB and

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