F inancial D igest featuring 1031 E xchange

M id A tlantic Real Estate Journal — March 13 - 26, 2020 — 5A


ERSEY CITY, NJ — Kathy Anderson , found- ing partner of Progress The Element in Jersey City, NJwill house 15,500 s/f of retail space & 279 covered parking spaces Progress Capital’s Anderson arranges $84Mconst. loan & $36M of equity for multi-family project J

of amenities, tenants will have access to a full-size heated pool, game room, yoga studio, fitness center, children’s play- room, rooftop terrace with bar- becue grills, fire pits, outdoor bar and a dog walk. The Ele- ment will also house 15,500 s/f of retail space and 279 covered parking spaces. Jersey City is known to be one of the most culturally di- verse cities in America. It has undergone exponential growth and is no longer considered an alternative to NYC, rather has become a destination in its own right. As an added bonus, The Element is located in a Qualified Opportunity Zone providing the investors with significant tax benefits. This is one of the first large develop- ment projects to break ground in an Opportunity Zone along New Jersey’s Gold Coast. Progress Capital is a com- mercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we consistently get our clients to the closing table… plain and simple! 

Capital ar- r a n g e d a n $84 million construction l o a n p l u s $36 million of equity for the develop- ment of The Element, a

Kathy Anderson

HI-LIGHTS MARCH 13 - 26, 2020 6-story apartment building located at 400 Claremont Ave. in Jersey City. The Element will consist of 631 units, 277 of which will


400 Claremont Ave.

be under 500 s/f. Call them what you will -- small studios or “micro-units”, there is a demand (mainly amongst mil-

lennials) who want to trade square footage for a convenient location with an abundance of amenities. The Element is

steps away from the West Side Light Rail Train Stop and will provide two private shuttles to the PATH. With over 70,000 s/f


Procida Funding, LLC announces 100Mile Fund, LLC achieves a net return to investors of 11.56% for 2019

ENGLEWOOD CLIFFS, NJ — New Jersey-based real estate lender, Procida Fund-

i n g , L L C a nn o un c e d that the 100 Mile Fund, LLC , which it manages, ach i eved a net return to investors of

the communities in which we invest,” said Billy Procida , president and CEO. In 2019, the Fund originated 13 loans totaling $134,410,000 and had nine loans payoff for a total of $39,967,500. Highlight deals include the $39 million construction loan made to Forte Real Estate Develop- ment for “The View at Middle- sex,” a 200-unit apartment building development in the Borough of Middlesex, as well as a $10 million construction loan to The Mabie Group for the The View at Middlesex

have invested over $3 billion. The Fund recently completed a conversion to a real estate investment trust (REIT), which will allow investors to benefit from the tax deductions af- forded to REITs rather than pay ordinary income taxes. The Fund is open to accredited in- vestors and currently has over 150 members. “We have a very robust pipeline going into 2020 and will continue to do what we do best – do good by our clients and investors and focus on making an impact to improve

reconstruction of the historic Belle-Freeman Amusement Pier in Seaside Heights. The project’s plan currently fea- tures a 17,500 s/f multi-tier bar & restaurant, a pool club, and a proposed concert venue on the southern portion of the site. The project also includes five to six kiosk buildings, which The Mabie Group has already completed and is currently leas- ing. Approvals also allow for full restaurant and bar service on the beach adjacent to the development. 

Billy Procida


11.56% for 2019. Since the Fund’s inception in 2011, the Fund has achieved a net annual distribution of 12.8%. Procida’s 100 Mile Fund makes loans and other invest- ments in real estate within 100 miles of its office in Englewood Cliffs. Often, these investments have significant local impact which can be seen in a number of neighborhoods, such as Pat- erson and Camden, and Beacon and New York City, NY. Since 1995, Procida’s different funds

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