Procida Funding’s 100 Mile Fund, real estate investment vehicle specializing in $2-$25 million positions, has announced the recent closings on three major deals totaling over $10 million.
The closings include a $3.8 million bridge construction loan to complete a seven-story hotel in the Bronx, NY, a $2.6 million bridge loan to renovate aPaterson, NJ, protfolio and a $3.725 million retail bridge loan.
The 100 Mile Fund lends on properties indigenous to the 100 mile radius of Procida’s New Jersey office, targets the niche sub-$25 million market and has been instrumental in allowing developers to finish localized projects, as well as provide quick turnarounds to its investors.
The $3.8 million first mortgage bridge construction loan to AMG Elton LLC will enable the construction completion of a 56-key hotel at 681 Elton Drive, Bronx, an area with few lodging options. Once stabilized, the property was given an appraisal by Cushman and Wakefield of $8 million.
The $2.6 million bridge loan with JCM Investors 1012 LLC, will allow for the completion of construction and renovation of ten properties located in Paterson, NJ. JCM Investors 1012 LLC and 100 Mile Fund have completed past refinance/construction projects in the Paterson area.
Finally, the $3.725 million bridge loan to Alliance Hand and Physical Therapy et al. will permit the completion of construction and eventual leasing of five properties in the towns of Hackensack, Hawthorne, Lodi, and Ramsey, NJ.
The properties, once stabilized, have an appraisal of just under $5.4 million.
