NEW YORK—The 100 Mile Fund, managed by Englewood Cliffs, N.J.-based Procida Funding LLC, has provided a construction loan to City Island Reserve LLC, an affiliate of Greystone Property Development.

City Island Reserve will use the loan proceeds for the development of 43 waterfront homes on the last development site available on City Island in the Bronx. Situated on five acres, the sellout value of the homes is estimated to be $30 million.

Procida and Greystone previously worked together and began a working relationship in 2002 when together the companies completed the first luxury high-rise condominium development in downtown Madison, Wis.