Procida Funding announcea a $5,500,000 acquisition loan by its 100 Mile Fund to Millennial Place, LLC for the acquisition, marketing, rehaband lease-up of Camden’s historic RCAVictor world headquarters.
Located at at 201 N. Front Street, the office building was constructed along Camden’s Delaware River waterfront in 1916, and was originally known as Building #2 on Victor’s 58-acre campus.
The campus once encompassed 10 blocks and employed more than 13,000 local residents.
Frank Sinatra and Woody Guthrie signed contracts in its seventh-floor boardroom, and Neil Armstrong and Edward “Buzz” Aldrin, Jr. used backpack radio systems built at RCA’s Camden facility to communicate with each other as well as the rest of the world when they were on the moon.
It has most recently been used by the Camden Board of Education, which is moving to a smaller space after 20 years.
“The property is appealing for its historic value as headquarters for the company that revolutionized the radio and television industry, as well as its location in Camden, a city that is on the cusp of a major renaissance,” said Billy Procida, president and CEO of Procida Funding.
“We’re excited to support a project that will transform the former epicenter of the music industry into its next generational use.”
State incentives have been credited with attracting new businesses and industries as diverse as Rutgers Camden’s new Business and Nursing Schools, MD Anderson Cancer Center at Cooper, and The NBA’s 76ers new 125,000 s/f training complex.
The state and county are also making investments in major infrastructure projects to expand transportation services to and around Camden.
According to Procida, “This is a perfect storm for real estate success, and this project has the capacity to support the changing landscape and endless economic trajectory of the city.”
Millennial Place’s renovation plans include class A office space with the potential for ground floor retail in the future.
Millennial Place is a partnership between Hagen Construction, Inc. and Millennial Partners.