Procida Funding closes $1.75 million bridge loan for 38,186 s/f office building

According to Procida Funding, its 100 Mile Mile Fund has made a $1.75 million bridge loan secured by a 38,186 s/f office building. The loan proceeds are being used to purchase property at a discount, renovate and lease up the property. "Procida provided the reliable execution and flexibility required by the borrower," said Kyle Funsch, principal of Procida Funding. "Our ability to meet the needs of our borrower in a timely manner allows them to move fast and take advantage of the favorable opportunity." Constructed in the 1960's, this well-located five-story, class B office building is currently 50% occupied. The borrower will renovate and lease up the property and refinance with a traditional lender. Procida Funding through its 100 Mile Fund provides bridge, mezzanine and equity capital to the real estate industry and middle market companies. Since 1995, the firm has completed over $2 billion of transactions ranging from $1 million to $50 million. The firm utilizes its own capital as well as strategic capital partners. Procida Advisors provides due diligence and asset management services to financial institutions and private equity funds with a concentration on construction, bankruptcy, restructuring and marketing. Since inception the 100 Mile fund has achieved an IRR of 15.08%.