Englewood Cliffs, NJ- (NOVEMBER 9, 2018) – New Jersey based commercial real estate lender, Procida Funding, LLC recently provided a $38,500,00 Debt Consolidation & Working Capital Loan to Nyack College in Rockland County, NY, on behalf of The 100 Mile Fund which Procida exclusively manages.
Nyack College is a Christian and Missionary Alliance education institution that was founded in New York City in 1882. With the acquisition of acreage in Nyack, NY in 1897, the school moved to its present location and has been operating there ever since. Nyack presently has another location at 2 Washington Street in New York City. Nyack College will be utilizing the loan to consolidate their operations into their Manhattan location and monetize their existing Nyack Campus by focusing on enrollment and eliminating the duplicate expenses and services.
Nyack College consists of 41 buildings containing over 500,000 square feet of gross building area situated on 107+ acres of land located in the Village of South Nyack, NJ and the hamlet of Blauvelt, Orangetown, NY. In addition, a nominal portion of the subject property land is situated in Central Nyack, a village in Clarkstown, NY. Included in the total building area is a two-story, 44,060 square foot office building, which is located about one mile north of the main campus.
“I’ve lived within five miles of this campus for just about my entire life. My firm’s unique understanding of the subject market made us the right lender for this loan,” states William “Billy” Procida, Founder and CEO of Procida Funding, LLC. “This is some of the best real estate the Hudson Valley has to offer with scenic views of the Hudson River and easy access to the NYS Thruway that you can’t get anywhere else.”
The 100 Mile Fund looks to be repaid from the proceeds associated with a sale.
The 100 Mile Fund is an open-ended real estate investment vehicle exclusively managed by Procida Funding, LLC. The Fund provides bridge, construction, mezzanine, and preferred equity financing for value add, distressed, and special opportunistic situations within 100 Miles of New York City. The Fund is currently open to accredited investors pursuant to a Private Placement Memorandum and subject to all rules and regulations of the SEC as well as state and federal laws.
For information on Procida Funding Loan Originations, contact Brian Foley at firstname.lastname@example.org, for Fund Investor Management, contact Ali Betts, at email@example.com, and for Portfolio and Bad Debt Analysis contact William ‘Billy’ Procida at firstname.lastname@example.org. For more information about Procida Funding, call 201.871.1177 or visit www.procida.com.
Procida Funding provides capital for a wide range of asset classes in the eastern region of the US, with a concentration in the New York metropolitan area. The firm uses both its own capital and that of its strategic partners, which includes private equity funds and institutional lenders. The firm’s experience as a borrower and developer provides them with keen insight into how to be a creative and responsible lender and investor.
Procida Advisors provides due diligence and asset management services to developers, financial institutions and private equity funds with a concentration on development, construction, bankruptcy, restructuring and marketing. The firm’s specific services include Development Management, Construction Supervision, Restructuring, Crisis Management, Investment Banking, and Asset Management & Disposition. For more information, please visit https://www.procida.com/about/