Member News — Procida Funding Finishes First Quarter of 2018 With Three Loans for $5,860,000
April 11th, 2018
Procida Funding is pleased to announce that its 100 Mile Fund recently closed on three loans for a total of $5,860,000 on retail centers in Washington Township, West Orange Township and Kingwood Township.
“Projects like these are ideal for the 100 Mile Fund because they are at or near 100% occupancy in strong markets,” said William ‘Billy’ Procida, President and CEO for Procida Funding. “While conventional lenders avoid these types of deals, we are thrilled to lend to real estate investors with proven track records and solid strategies.”
The retail projects include:
- A $3,250,000 loan to Long Valley Real Estate LLC for its 17,600-gross square foot, 16,960-rentable square foot Class C retail strip center located along East Mill Rd. in Long Valley (Washington Township), NJ. The property is on a 3.41-acre parcel featuring eight retail units in its current configuration. PNC Bank and a liquor store of two of the five tenant-occupied units; the remaining three have letters of intent. The individual units range between 1,200-square feet and 4,800-square feet, and there are 87 on-site parking spaces.
- A $2,130,000 loan to Bhumi Real Estate LLC for improvements to its 9,334-gross square foot, 9,235-rentable square foot Class C retail strip center located along Eagle Rock Ave. in West Orange Township, NJ. The property is on a 0.72-acre parcel featuring five retail units in its current configuration. Three of the units are tenant-occupied and the remaining two have letters of intent. The individual units range between 1,627-square feet and 2,188-square feet, and there are 39 on-site parking spaces.
- A $480,000 loan to French Town Inc. for its 4,000-rentable square foot retail store located along State Highway 12 in Kingwood Township. The property is a currently-occupied single-tenant building in its current configuration, on a 1.78-acre parcel, and there are 14 on-site parking spaces with room for more.
All three deals were through John Kwak, who Procida Funding has been doing business with for more than 20 years.
For information on Procida Funding Loan Originations, contact Brian Foley at [email protected], for Fund Investor Management, contact Ali Betts, at [email protected], and for Portfolio and Bad Debt Analysis contact William ‘Billy’ Procida at [email protected]. For more information about Procida Funding, call 201.871.1177 or visit www.procida.com.
For photos of the three properties, click here.