NEW YORK—New Jersey-based Procida Funding & Advisors LLC has provided an $8 million bridge loan to Ladera II for its development site at 300 West 122nd Street in Harlem where the company is planning to construct a 13-story, 164-unit residential development with ground-floor retail shops.
Procida funded the project, which is scheduled to begin within the next year and has been endorsed locally and federally, in conjunction with Romspen Mortgage Investment Fund, a Canada-based lender.
“Hans Futterman and his team at Ladera are excellent and experienced developers with a solid track record in Harlem, having completed numerous premier projects in the area,” said Billy Procida, president of 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.”
Procida Funding LLC provides bridge, mezzanine and equity capital to the real estate industry and middle market companies through its 100 Mile Fund.