Procida Fundingʼs 100 Mile Fund closed on three loans for a total of $5,860,000 on retail centers in Washington Township, West Orange Township and Kingwood Township.
“Projects like these are ideal for the 100 Mile Fund because they are at or near 100 percent occupancy in strong markets,” said William ‘Billy’ Procida, president and CEO for Procida Funding.
“While conventional lenders avoid these types of deals, we are thrilled to lend to real estate investors with proven track records and solid strategies.”
The retail projects include:
A $3,250,000 loan to Long Valley Real Estate LLC for its 17,600 s/f Class C retail strip center located along East Mill Road in Long Valley, NJ. The property is on a 3.41-acre parcel featuring eight retail units in its current configuration.;
A $2,130,000 loan to Bhumi Real Estate LLC for improvements to its 9,334 s/f Class C retail strip center located along Eagle Rock Ave. in West Orange Township, NJ. The property is on a 0.72-acre parcel featuring five retail units;
A $480,000 loan to French Town Inc. for its 4,000 s/f retail store on State Highway 12 in Kingwood Township. The property is a single-tenant building on a 1.78-acre parcel with 14 on-site parking spaces.