NEW JERSEY—Procida Funding L.L.C.’s 100 Mile Fund provided a loan-on-loan to REDEV Group for the acquisition of a $6.5 millionloan. The loan is secured by a partially constructed 114-unit townhouse development known as Kerry’s Arbor in Franklin Township.
The transaction is the one of several where Procida Funding has provided the capital to both buy the debt and finish construction of a property.
Other properties in which Procida Funding played a role include Gull’s Cove condominiums in Jersey City; Freehold Commons, anbuilding in Freehold; and Habitat for Humanity’s new ReStore in Randolph, among others.
Procida Funding L.L.C. provides bridge, mezzanine and equity capital to the real estate industry and middle market companies.