NEW JERSEY—Procida Funding and Advisors, based in Englewood Cliffs, N.J., has closed an $18 million bridge loan on behalf of its 100 Mile Fund.
The loan consists of eight multifamily buildings totaling 419 units with the main collateral located in East Orange with additional collateral in West New York and Elizabeth.
Procida Funding LLC provides bridge, mezzanine and equity capital to the real estate industry and middle market companies through its 100 Mile Fund. Since 1995, the firm has completed more than $2 billion of transactions using its own capital as well as strategic capital partners.
Procida Advisors provides due diligence and asset management services to financial institutions and private equity funds with a concentration on construction, bankruptcy, restructuring and marketing.