This building in Kenilworth is among four light industrial properties that were used to secure a bridge loan by Procida Funding & Advisors LLC.
By Joshua Burd
Procida Funding & Advisors LLC has provided a $3 million bridge loan as part of a transaction secured by four light industrial properties totaling more than 27,000 square feet in Union County.
In a news release, Procida said the proceeds were used to refinance existing debt as well as provide working capital for the borrower. The loan was provided through the Englewood Cliffs-based firm’s 100 Mile Fund.
“Our client required a reliable and quick execution when their takeout lender tried to change the terms of the loan on the day of closing,” said Jessica Lacy of Procida Funding. “We were able to expedite the due diligence process and provide flexible underwriting to complete the refinance within the allotted timeframe.”
