M id A tlantic Real Estate Journal — New Jersey — April 22 - May 19, 2022 — 11B


N ew J ersey

Announcement comes just as shareholders vote to double size of 100 Mile Fund Procida Funding finds the right fit - admits three new partners


Billy a call, so I reached out,” said Coen. “And that morning, just ten minutes later, I was in. He gave me a shot and I’ve been with the company ever since. With the team we have in place now, the sky is the limit. But we will continue to focus on our backyard – that’s what the 100 Mile Fund is all about. You can’t find that anywhere else, that’s what the investors want and why they trust us.” Foley is the nephew of title agent Bill Ciganek who worked with Procida start- ing in the 1980’s. Foley at- tended a networking event

in Philadelphia and the next morning worked the Procida booth at a Real Estate Confer- ence – Foley started working with Procida in 2016 right after graduating from the Wharton School of Business at the University of Pennsyl- vania with a BS in Econom- ics. Previously, he worked on real estate owned assets and distressed deals. Currently Foley leads Proci- da’s Originations Department. “Since starting at Procida – we worked hard to maintain re- peat customers and originate in areas in need of redevelop- ment,” said Foley. MAREJ

NGLEWOOD CLIFFS, NJ — Procida Fund- ing and Advisors CEO Billy Procida announced he is admitting current vice presidents Derek Weissman, Michael Coen, and Brian Foley as new partners at one of the region’s largest indepen- dent the real estate lenders, effective immediately. The new partners have been instrumental in attracting bor- rowers and investors during their tenures, which range from six to seven years, building a team environment with strong management and lending prac- tices that have generated $1 billion in project investments and average returns of 12.4% for investors, net of fees. “After more than six years at the company, they’ve earned it. In terms of gaining experi- ence, six years with me is like 20 years with another boss,” said Procida. “Our team is very tight, our roots run deep, I’ve known two of them since they were born!. Now is the right time to prepare for the future of the company with the right crew. I’ve known Derek, Brian, and Mike long before they started at the company. All three are exceptional at what they do – they hit the ground running and never let up.” The admission of the new partners comes just after an equally transformative mo- ment when the shareholders of the firm’s 100 Mile Fund voted to double its capital limit to $200 million. Weissman, Coen, and Foley all have close familial ties to Procida. Procida knew Weiss- man since he was in grade school and attended college with Procida’s daughter. He also did two internships at the company and joined Procida right after graduation from the University of Colorado at Boulder’s Leeds School of Busi- ness in 2015. He currently runs the asset management division overseeing a portfolio of more than $350 million in assets. Coen’s father and Procida worked together on cleaning up the subprime mess starting in 2006. Coen joined Procida in 2015 after completing his Mas- ter’s in real estate development at Nova Southeastern Univer- sity in Ft. Lauderdale and plays a key role in the syndication and distribution of the Fund’s loan portfolio. “After I finished school in Florida, my dad told me to give

Shown from left: Brian Foley, Michael Coen and Derek Weissman

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