News: Brokerage

Outside the Region: Procida Funding arranges $7 million debt refinancing

Wood-Ridge, NJ Procida Funding, LLC. provided a $7 million debt refinancing and rehabilitation loan, on behalf of The 100 Mile Fund, which Procida exclusively manages, to consolidate existing debt and complete minor property improvements of the Fiesta Banquet Hall at 255 Rte. 17.  

The Fiesta, as it is known to Bergen County residents, is a family-owned and operated banquet hall that has been hosting events for over 60 years. The two-story venue hosts up to 500 guests and consists of four banquet rooms: Casa De Rosa, Flamingo Room, Caribbean Room, and the Fiesta Room, two bridal suites, and two commercial kitchens. The property includes high curved ceilings, white crowd molding, expansive hardwood dance floors, multiple bars, and a two-tiered parking garage with an adjacent lot for valets. 

“We came into 2018 with a defensive investment strategy. A family owned catering hall, that has survived a number of recessions is a part of an asset class we like,” said Brian Foley, head of originations at Procida Funding & Advisors. 

The venue is currently operational and caters events including weddings, corporate events, fundraisers, ceremonies and everything in-between.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking