Billy Procida, CEO and president of Procida Funding — Photo courtesy: Aaron Houston
By Joshua Burd
The long-running 100 Mile Fund managed by Procida Funding LLC achieved net income in 2022 of $11.6 million, the firm announced, representing a net return to investors of 9.5 percent.
Procida, which is based in Englewood Cliffs, said the fund started last year as the owner of or a participant in 28 investments, predominantly first mortgages, with an aggregate total loan amount of $480.4 million. By Dec. 31, it had received 12 loan payoffs totaling $234.3 million, representing 49 percent of its total loan portfolio from 12 months earlier.
The 100 Mile Fund finished 2022 with a portfolio of 24 investments with an aggregate loan value of $303.7 million.
“Our consistent strategy to work closely with our borrowers, helping them instead of hindering them, is responsible for what I consider to be remarkable results given the current environment,” said Billy Procida, CEO and president of Procida Funding.
The firm noted that the 100 Mile Fund, which is audited annually by CohnReznick, has achieved a net annual distribution of 12.3 percent since its inception in 2011. The investment vehicle makes loans and other investments in real estate within 100 miles of Procida’s office in Englewood Cliffs, with a portfolio made up of mostly construction and bridge loans ranging from $5 million to $100 million and a focus on affordable and workforce housing, as well as industrial, specialty and family-oriented hospitality assets.
