By Jessica Perry, November 9, 2018 at 2:24 PM

Procida Funding has provided Nyack (N.Y.) College with a $38.5 million debt consolidation and working capital loan on behalf of The 100 Mile Fund, which Procida manages exclusively.

The Englewood Cliffs-based commercial real estate lender announced the funding Friday, saying the school plans to use the funding to consolidate operations at its New York City location and monetize its Nyack campus through enrollment efforts and the elimination of duplicate expenses and services.

The 100 Mile Fund anticipates repayment from proceeds associated with a sale. It offers bridge, construction, mezzanine and preferred equity financing for projects within a 100-mile radius of New York City.

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