Billy Procida

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New Jersey Firm Provides Due Diligence, Asset Management Services to Developers, Financial Institutions and Private Equity Funds

Englewood Cliffs, N.J., March 5, 2020 – Procida Funding & Advisors (Procida), a New Jersey-based commercial real estate financing and advisory firm, has announced the roll-out of its advisory services platform. The 25-year-old company provides an array of services from due diligence to asset management services, restructuring, crisis management for developers, financial institutions and private equity funds with a concentration on development, construction, bankruptcy, restructuring and marketing.

Procida completed an array of assignments starting in the year 1981 at 181 Hudson in New York City, to the Shorehaven Condominiums in the mid-1990s in the Bronx. They restructured a national portfolio of distressed real estate for Richie Capital during the financial crisis in 2008 and 2009.

“When times are good, no one needs help working out debt or distressed situations,” said William “Billy” Procida, company president and CEO. “However, economic fluctuations are inevitable. When businesses, their creditors and other parties are faced with complex and time-sensitive decisions involving the purchase, sale, or restructuring of assets and liabilities, we are positioned to meet each client’s specific needs.”

Over the last 90 days, the firm’s advisory team has successfully completed a number of significant assignments:

Partnership Dispute/Development Management: An overseas client retained Procida Advisors in an advisory role to work through a partnership dispute and ongoing litigation involving two waterfront multifamily projects in North Miami Beach, Florida. The 90-day assignment involved resolving open issues for obtaining a Certificate of Occupancy, evaluating ongoing construction defects, insurance claims, and getting the property stabilized and income-producing. Procida provided dispute resolution with an operating partner. Serving essentially as the owner’s development representative, Procida handled all pre-development work including completing budgets, reviewing permit approvals for construction and preparing financing loan submission packages for bank review. The firm also identified, vetted and engaged qualified and licensed general contractors, sales and leasing brokers, and property management firms, as well as leveraged contacts built over 35-plus years to engage local counsel.

Debt Restructuring: Procida Advisors was engaged by the owner of a medical/office portfolio with underperforming assets in northern New Jersey, New York and Florida. Working on behalf of the borrower, a high profile, high net worth individual, the firm was tasked with negotiating with a special servicer to discuss the restructuring and modification of $100 million of existing debt. Procida looked to leverage extensive prior restructuring and advisory roles to amend the medical operating companies and increase net operating income.

Portfolio Valuation: Procida Advisors was retained by a regional bank to complete a competitive market analysis of several real estate loans located in the New York City metro market. Utilizing a rigorous process and procedures, the Procida team evaluated market feasibility, projected income and offered opinion of value. Procida continues to monitor ongoing performance of the loan portfolio.

Whether representing a lender or a borrower, a fund manager or an investor, Procida Advisors’ senior team has extensive experience in areas including Development Management, Restructuring, Due Diligence, Crisis Management, Investment Banking, and Asset Management and Disposition. Furthermore, Procida provides general advisory services which included executive placement, human resources as well as “secret shopping” and asset review. “No matter what the situation, our advisory team excels at determining the best strategy and expediting its execution,” added Procida.

Since its founding in 1995, the company has provided more than $3 billion in financing for a wide range of asset classes in the eastern region of the U.S., with a concentration in the New York metropolitan area. Utilizing its own capital and that of strategic partners, the Fund originates and purchases mortgages as well as makes investments in real estate and business. The firm exclusively manages the 100 Mile Fund, an open-ended, private real estate investment trust, which provides bridge, construction, mezzanine and preferred equity financing for value add, distressed and special opportunistic situations within 100 miles of New York City.

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About Procida Funding & Advisors

570 Sylvan Avenue, Englewood Cliffs, NJ 07632

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Watch the latest episode of Billy Procida’s “Billy Ball” here

Media Contacts:
Emma Ackel / Jennifer Glick
Caryl Communications
201-796-7788
emma@caryl.com / jglick@caryl.com