By Joshua Burd
Procida Funding LLC has closed a $7.65 million construction loan for a planned 12-unit townhome project in Brooklyn, the Englewood Cliffs-based firm announced.
In a news release, Procida said the loan will allow longtime client Double Rock Development to move ahead with the project in the borough’s Clinton Hill section. The property, designed by Doug Pulaski’s Bricolage Designs, would include four townhouses with three units each.
“Jim Kennelly has been a valued client since 1998,” Billy Procida, the firm’s CEO and president, said in a prepared statement. “After funding over $100 million of projects, I’m happy to say we are still friends and still making money for each other.”
This loan is the fourth within Procida’s 100 Mile Fund that has been made to James Kennelly, president of Double Rock Development. Their relationship dates back to the 1990s.
“As we all know, when times are good the borrower/lender relationship is easy, however when times get tough it can be difficult,” Kennelly said. “Procida has been keeping their promises to me for nearly 20 years.”
He added that Procida funded his first project in 1998 “and has stayed loyal to my company ever since. Procida has gone above and beyond to assist in my success and I’m thankful for that.”
The 100 Mile Fund lends on properties within a 100-mile radius of the Procida’s headquarters office, targeting the niche $25 million market.