N.J. Lender Invests $8M in Harlem Renaissance Project

A New Jersey investor has pledged $8million to develop a prominent site in Harlem.

Procida Funding & Advisors LLC, which specializes in middle-market bridge, mezzanine and equity capital investments, will construct a mixed-use development at 300 West 122 Street in Harlem.

According to the firm’s president Billy Procida, “Harlem is in the midst of a development renaissance with billions of projects underway from a broad range of developers, both domestic and foreign.”

“Underscoring the momentum behind this gentrification," he said, the real estate investment bank is providing $8 million bridge loan to Ladera II, the project’s developer.

Financing was made possible in partnership with Romspen Mortgage Investment Fund, one of the largest nonbank commercial/industrial mortgage lenders in Canada with over $1 billion in assets.

The project also “received strong endorsement” both under the New York City "Fresh" program and federally under the "Brownfields Development Program," he said.

The construction of the 13-story, 164-unit residential development with ground-floor retail shops is scheduled to begin within the next year.

For reprint and licensing requests for this article, click here.
Servicing Originations
MORE FROM NATIONAL MORTGAGE NEWS