By Joshua Burd
Procida Funding has provided more than $5 million in financing to the owners of a multigenerational furniture shop in southern Bergen County.
In a news release, the lender said the $5.15 million debt consolidation bridge loan will support the operators of Melray’s Furniture, located at 45 Ridge Road in North Arlington, in advance of financing from the U.S. Small Business Administration later this year. Procida originated the transaction to 45/55 Ridge Road Realty LLC and Melray’s New Building LLC on behalf of its 100 Mile Fund.
“We are very excited to be working with the Merlay’s team,” said Brian Foley, vice president of Procida Funding. “They are exactly what we look for in a borrower: hardworking and honest.”
Procida announced the deal recently, noting that Melray’s Furniture has been in operation for more than 80 years. Michael “Buddy” Filippone and Amy Filippone Cabrera, the son and granddaughter of the company’s founder, respectively, currently own and run the day-to-day operations of the store.
The Englewood Cliffs-based lender described the business as south Bergen County’s largest furniture store, which serves customers throughout the tristate area while offering brand name furniture and bedding at discounted prices. Melray’s maintained annual growth in sales revenue throughout the early 2000s, capturing record-breaking figures year-after-year, but stumbled during the COVID-19 pandemic.
The business has now achieved positive growth, Procida said, making it a prime candidate for an SBA takeout loan this fall.
“I am very thankful to Billy and the team at Procida for giving me this bridge loan and making our path forward much brighter,” Buddy Filippone said.
Cole Schotz PC served as counsel for the lender.