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N.J.-Based Procida Funding Exclusively Manages the REIT

ENGLEWOOD CLIFFS, N.J., February 12, 2020 – New Jersey-based real estate lender, Procida Funding, LLC announced today that the 100 Mile Fund, LLC, which it exclusively manages, achieved a net return to investors of 11.56% for 2019. Since the Fund’s inception in 2011, the Fund has achieved a net annual distribution of 12.8%.

Procida’s 100 Mile Fund makes loans and other investments in real estate within 100 miles of its office in Englewood Cliffs, N.J. Often, these investments have significant local impact which can be seen in a number of neighborhoods, such as  Paterson and  Camden, N.J., and Beacon and New York City, N.Y..Since 1995, Procida’s different funds have invested over $3 billion.

The Fund recently completed a conversion to a real estate investment trust (REIT), which will allow investors to benefit from the tax deductions afforded to REITs rather than pay ordinary income taxes. The Fund is open to accredited investors and currently has over 150 members. “We have a very robust pipeline going into 2020 and will continue to do what we do best – do good by our clients and investors and focus on making an impact to improve the communities in which we invest,” said Billy Procida, president and CEO.

In 2019, the Fund originated 13 loans totaling $134,410,000 and had nine loans payoff for a total of $39,967,500. Highlight deals include the $39 million construction loan made to Forte Real Estate Development for “The View at Middlesex,” a 200-unit apartment building development in the Borough of Middlesex, N.J., as well as a $10 million construction loan to The Mabie Group for the reconstruction of the historic Belle-Freeman Amusement Pier in Seaside Heights, N.J. The project’s plan currently features a 17,500-square-foot multi-tier bar & restaurant, a pool club, and a proposed concert venue on the southern portion of the site. The project also includes five to six kiosk buildings, which The Mabie Group has already completed and is currently leasing. Approvals also allow for full restaurant and bar service on the beach adjacent to the development.


Procida Funding provides capital for a wide range of asset classes in the eastern region of the US, with a concentration in the New York metropolitan area. The firm uses both its own capital and that of its strategic partners, which includes private equity funds and institutional lenders. The firm’s experience as a borrower and developer provides them with keen insight into how to be a creative and responsible lender and investor.

The 100 Mile Fund is an open-ended real estate investment vehicle exclusively managed by Procida Funding, LLC.  The Fund provides bridge, construction, mezzanine, and preferred equity financing for value add, distressed, and special opportunistic situations within 100 miles of New York City. The Fund is open to accredited investors pursuant to a Private Placement Memorandum and subject to all rules and regulations of the SEC as well as state and federal laws.


About Procida Funding & Advisors

570 Sylvan Avenue, Englewood Cliffs, NJ 07632

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Media Contacts:
Emma Ackel / Jennifer Glick
Caryl Communications
201-796-7788 /