Download Word Document: Click Here
Billy Procida Founded the Company, Known for Financing Diverse Range of Revitalization and Redevelopment Projects
ENGLEWOOD CLIFFS, N.J., Feb. 10, 2020 – While much has changed in the commercial real estate industry since William “Billy” Procida started his career over forty years ago, his philosophy on business remains the same – focus on local deals that are a force for positive change in communities. That philosophy is at the heart of the success of his company, Procida Funding & Advisors, a northern N.J.-based commercial real estate finance and advisory company now celebrating its 25th successful year in business.
After a 15-year career as an award winning, nationally-ranked developer and general contractor, Billy Procida founded William Procida Incorporated, which is now Procida Funding & Advisors. “Revitalizing an under-utilized, distressed property has a powerful impact on the surrounding neighborhood and area,” said Procida, “I’ve seen the transformation time and time again.”
Procida has completed billions of dollars of successful projects. Those include ground-up multifamily construction projects in the South Bronx – at the start of his career – and historical revitalization projects, such as The Philadelphia Metropolitan Opera House and The Art Factory in Paterson, N.J.’s Great Falls district.
Under his direction as president and CEO, the company provides financing for a diverse range of asset classes in the eastern regions of the U.S. The firm exclusively manages the 100 Mile Fund, an open-ended, real estate investment vehicle, providing bridge, construction, mezzanine and preferred equity financing for value add, distressed and opportunistic situations within 100 miles of New York City. The company also offers advisory services to clients that need more than just funding.
Most recently, Procida Funding & Advisors completed $134 million in financing in 2019. High-profile transactions included a $10 million loan to transform Seaside Heights’ historic Belle-Freeman Pier – destroyed by Superstorm Sandy and a subsequent fire – into the boardwalk’s premier entertainment destination. In November, the company also financed a $39 million construction loan, on behalf of the 100 Mile Fund, to redevelop underutilized parcels into an amenity-filled multifamily property in Middlesex, N.J.
Additional marquee transactions over the last few years include a $38.5 million debt consolidation loan to Nyack College in Nyack, N.Y., a $68.5 million construction loan to developer Dean Geibel on Gulls Cove Phase II – a 109-unit condo building in Jersey City, N.J., and a $34.75 million construction loan to developer Eric Blumenfeld on the restoration of the historic Divine Lorraine Building in Philadelphia.
Procida Combines Deep Personal Connections with Talented Young Team
A Bergen County native, Procida got an early start in business as the son of a contractor, growing up in an entrepreneurial family. Summer jobs as a young teen were often hard work, digging holes and pouring concrete – and gaining valuable insight into the NY metro area’s CRE industry, literally from the ground up.
“I’ve been in tune with how markets work since I was kid,” added Procida. “That said, having a balanced combination of knowledge and instinct has proven fundamental to my success in real estate – and staying local. My team and I meet face-to-face with clients, shake their hands and see the properties for ourselves. I have always been fortunate enough to recognize opportunity when I see it and our young and growing team is quickly learning to do the same.”
Throughout his career, Procida has established thousands of relationships in all facets of the real estate industry, taking great pride in the number of repeat clients. He also has been friends with many of his clients and investors since he was in grade school.
For Procida, those deep family and friend connections run through his company, as well. His talented, young team includes three vice presidents, Michael Coen, Brian Foley and Derek Weissman, whose families Procida has known for decades. Coen handles due diligence and investment banking and works with Foley on taking the transaction through the loan origination and closing process while Weissman runs the company’s asset management services.
The three VPs have been together at the company for nearly five years, and in that time, have closed finance and asset management deals involving more than half a billion dollars in projects.
“They are leaders in our culture, and share their knowledge with their coworkers,” said Procida. “We have never had such a strong, bright, and talented group as we do now. Each team member has their own role but they work as one cohesive unit, which has translated to our success.”
“With Billy, we never stop learning about the industry and the people we serve,” Foley noted. “Beyond that, we have shared Billy’s culture – to always do good for our clients and investors – plain and simple. The company’s mantra comes directly from Billy: Don’t worry about making money. Our goal is about helping our clients and the communities that they are in; the money will follow.”
The CRE industry continues to recognize the work of Procida and his company. Honors include his numerous “Outstanding Developer of the Year” Awards from the Associated Builders and Owners of Greater New York and the “Excellence in Housing” Award from the NYS Governors, as well as company recognition as the “Non-Bank Lender of the Year” and “Top Specialty Fund” by Real Estate Finance & Investment, among others.
Utilizing its own capital and that of strategic partners, Procida Funding & Advisors offers loans from $1MM to $100MM, focusing on deals in the $3MM to $50MM range. Since 2012, its 100 Mile Fund’s net annual dividend to its investors has averaged 12.9 percent, net of all fees. Procida Funding & Advisors also provides advisory services for developers, financial institutions and private equity funds, including due diligence, development management, construction supervision, restructuring, crisis management, investment banking, asset management and disposition.
570 Sylvan Avenue, Englewood Cliffs, NJ 07632
Watch the latest episode of Billy Procida’s “Billy Ball” here