By Joshua Burd
Procida Funding & Advisors has named three new vice presidents after a set of promotions within its ranks.
The lender, which is based in Englewood Cliffs, on Friday announced the promotions for Derek Weissman, Mike Coen and Brian Foley. Founder and CEO Billy Procida touted their efforts with the firm in recent years, including the deployment of more than 100 loans for a combined $600 million and the recovery of $350 million.
“Each is a unique individual, but together they are a force,” Procida said.
Weissman, Coen and Foley have originated, performed due diligence on and asset-managed transactions such as the $56 million renovation of the historic Philadelphia Metropolitan Opera House and $68 million in financing for the Gull’s Cove condominium project in Jersey City. The team has also worked on hotels and retail loans, plus financing for an oil truck repair facility.
Procida has known Weissman, the firm’s head of asset management, since he was in high school with his daughter, according to a news release. Weissman completed two internships with the firm while attending the University of Colorado Boulder.
Coen, the head of due diligence and servicing, is the son of a well-known executive in the servicing business, the news release said. The elder Coen has worked with Procida over the last decade and is also an investor in the 100 Mile Fund, which Procida exclusively manages.
Of the younger Coen, Procida said “his knowledge learning servicing at the kitchen table from one of the best is invaluable.”
Meantime, Procida has known the Foley family since the 1980s. His great uncle was Bill Ciganik, a legend in the title industry. Foley, who serves as Procida’s head of originations and new business, is a former Division I swimmer who joined the firm out of The University of Pennsylvania’s Wharton School.
“It’s as close to an old fashion firm as you can get,” Procida said. “Some of this young team knows each other from grade school. It makes for a comradery you rarely see.”