Trump protégé’s 100 Mile Fund assists two North Bergen businesses
JULY 27, 2014 LAST UPDATED: SUNDAY, JULY 27, 2014, 9:54 AM
BY LINDA MOSS
STAFF WRITER
THE RECORD
Developer and Donald Trump protégé William “Billy” Procida has for the past few years been mainly focused on financing real estate ventures not far from his home turf. Procida, born and bred in Bergen County, is involved in projects as varied as the rehabbing of apartment buildings in Paterson’s worst neighborhood, redeveloping a landmark hotel in Philadelphia and building hundreds of town houses at the Jersey Shore.
The 52-year-old founder and president of Procida Funding & Advisors LLC in Englewood Cliffs has owned several companies during his career and estimates that he’s been involved in $2 billion worth of projects. He’s now managing the 100 Mile Fund, which lends to middle-market real estate ventures.
The Divine Lorraine Hotel in Philadelphia. A developer is seeking a $31 million loan from Procida to redevelop the hotel, which has been vacant since 1999.
Procida has done well for the fund’s 58 investors — many from Bergen County and even a former Grateful Dead member — and he personally has the biggest chunk of money in the pot. Last week, the fund, which he started in 2011, said second-quarter earnings, which are not audited, rose 16.5 percent on an annualized basis. The fund has lent $51.5 million in the first half of this year. That rate of return and lending to date already surpasses the 100 Mile Fund’s performance for all of last year.
– See more at: https://www.northjersey.com/news/business/lender-thinks-like-builder-1.1057808#sthash.GpR9bgzW.dpuf
