Fairway America, a Portland, Oregon-based small balance real estate fund advisory and investment firm, has selected Procida Funding’s 100 Mile Fund as its first investment vehicle and fund manager in the New York metropolitan area.
The 20-year-old Fairway America recently launched Fairway America Fund VII LP, which seeks to invest in best-in-breed local fund managers, according to Fairway CEO, Matt Burk.
“We conduct an extensive vetting process for our funds and select what we believe are some of the best firms in the best markets,” noted Burk. “After carefully reviewing the 100 Mile Fund’s offering, we’ve chosen to invest with Procida because they are what I believe all fund managers should be; very local, very transparent and the principals have considerable skin in the game.”
Fairway will also handle Procida’s fund administration moving forward, according to Procida Funding’s president William “Billy” Procida. “In Fairway, we encountered an incredibly professional team and we are pleased to be selected for their Fund VII,” said Procida.
“Vetting processes and completions are arduous but not always worth the time. In this case, however, we liked what we saw from Fairway so much that we switched our fund administration services over to them. Our relationship created not only a sizable investment in the 100 Mile Fund, but additional back office and administrative support that will let us do what we do best: put money out and earn returns for our investors.”
Procida’s 100 Mile Fund is a middle-market real estate investment vehicle focused on development and bridge loans in the $3 – $30 million range within 100 miles of Procida’s headquarters in Englewood Cliffs, NJ.
The fund has averaged returns over 13 percent since being established in 2011 and anticipates a dividend of over 15 percent this year.