Procida Funding provided a $38,500,00 debt consolidation and 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.
Nyack has another location at 2 Washington Street in New York City and will use the loan to consolidate their operations into their Manhattan location and monetize their existing Nyack Campus.
Nyack College consists of 41 buildings containing over 500,000 s/f 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. A nominal portion of the property is situated in Central Nyack. Included in the total building area is a two-story, 44,060 s/d office building,
Billy Procida, CEO of Procida Funding, said, “This is some of the best real estate the Hudson Valley has to offer.”
The 100 Mile Fund looks to be repaid from the proceeds associated with a sale.