By Joshua Burd
Procida Funding has closed on three loans for nearly $6 million that will support retail centers in Morris, Essex and Hunterdon counties, the Englewood Cliffs-based lender said recently.
The financing, which totals $5.86 million, includes the following loans:
- $3.25 million to Long Valley Real Estate LLC for its 16,960-square-foot strip center along East Mill Road in the Long Valley section of Washington Township. The property is on 3.41 acres and is home to PNC Bank and a liquor store, which account for two of the five occupied units, while the remaining three have letters of intent.
- $2.13 million to Bhumi Real Estate LLC for improvements to its 9,235-square-foot strip center located along Eagle Rock Avenue in West Orange Township. The 0.72-acre parcel is home to five retail spaces, three of which are occupied and two of which have letters of intent.
- $480,000 to French Town Inc. for its 4,000-square-foot store along Route 12 in Kingwood Township. The single-tenant property sits on 1.78 acres.
“Projects like these are ideal for the 100 Mile Fund because they are at or near 100 percent occupancy in strong markets,” said William Procida, CEO and president of Procida Funding. “While conventional lenders avoid these types of deals, we are thrilled to lend to real estate investors with proven track records and solid strategies.”