By Joshua Burd
Procida Funding & Advisors has provided a $7 million loan for a Bergen County catering hall to consolidate existing debt and complete minor upgrades.
The lender announced last week that it closed on the financing for the Fiesta Banquet Hall, located at 255 Route 17 in Wood-Ridge, through its investment vehicle known as The 100 Mile Fund. The two-story venue is a family-owned and -operated facility that has been hosting events for more than 60 years, with the ability to host up to 500 guests.
“We came into 2018 with a defensive investment strategy,” said Brian Foley, head of originations at Procida Funding, which is based in Englewood Cliffs. “A family-owned catering hall that has survived a number of recessions is a part of an asset class we like.”
The Fiesta consists of four banquet rooms, two bridal suites and two commercial kitchens, Procida said in a news release. The venue is currently operational and caters events including weddings, corporate events, fundraisers, ceremonies and other functions.