Procida Funding & Advisors, LLC, which recently celebrated its 20th year anniversary, has engaged JMP Securities as advisor to Procida Funding & Advisors and its private equity real estate fund, The 100 Mile Fund with respect to debt and equity capital raising and strategic alternatives.
The 100 Mile Fund specializes in short term bridge and construction loans of $500,000 to $30 million. Since its formation in October 2011, the Fund has originated over $186,000,000 of loans. The Fund’s average annual net realized distributed return for 2011 through 2014 was 14.5 percent.
The Fund Manager, Procida Funding, LLC was established in 1995 by Billy Procida and has deployed over $2 billion for real estate funds it managed as well as third party accounts.
The firm also provides advisory services specializing in construction, development, marketing, restructuring and work outs.
The 100 Mile Fund is an open ended fund with annual redemption rights and makes all investments within 100 miles of Procida’s Englewood Cliffs office.
“We are pleased to be working with Procida and believe that the Company’s strong track record, extensive experience and attractive returns coupled with management’s significant financial commitment to the Fund will be attractive to investors,” said Tosh Chandra of JMP Securities.
“With JMP on board we can focus more on our business strategy which is originating, participating in, servicing and/or acquiring high yield special situation debt,” said William Procida, president of Procida Funding.
“This market has been and continues to be underserved by larger institutions which is one reason why our deal flow is so strong — we currently have over $200,000,000 in the pipeline.”