The 100 Mile Fund

A Local Real Estate Investment Vehicle

The 100 Mile Fund is a localized real estate investment opportunity from Procida Funding & Advisors. We chose one hundred miles because real estate is a local business in all aspects, and the better you know an area and its people, the better you can interpret information and manage problems. Our team can reach any asset by car in less than two hours, and there are more than enough opportunities within this radius for us to participate in. Plus, every member of the 100 Mile Fund Team are all lifelong residents of this targeted area, and they know it best.

The fund targets office, retail, multifamily, industrial, and specialty properties within the $500,000 to $25 million market. Compare this to banks, which have substantially curtailed lending to all but the most credit-worthy borrowers; or to most private equity funds, which have been targeting the $25 million and above market. Procida Funding and the 100 Mile Fund will continue to dominate the sub-$25 million market.

"Beyond rescue financing, Procida's firm offers consulting to a host of distressed businesses and situations. The job doesn't always involve real estate, but that's no deterrent to Procida."
- By Joshua Burd, May 7, 2012 in NJBiz

The investment process has three phases: Originations, Due Diligence, and Asset Management.

  • Originations
  • Due Diligence
  • Asset Management

Originations start with sourcing new business opportunities through Procida’s vast list of contacts, including investment property owners, developers, mortgage brokers, bankers, attorneys, and other professionals. Then, an initial screening, the data compiling and evaluation phase begins. The deal is priced, term sheets are issued, negotiated, and a deposit is made. From here, a monthly prospecting report can be formulated.

Due Diligence is our process of following up, and ensuring that the transaction will be mutually beneficial. We begin by researching and underwriting the transaction, focusing on physical property condition, investment return analysis (cash flow modelling), tenant credit analysis, and legal review. We then acquire and review this data combined with third party reports in order to negotiate closing documents. Lastly, we close the transaction - but the process doesn’t end here.

Asset Management involves updating the investment files, performing periodic site visits, meeting with the borrower and other professionals, and implementing plans of action. This final phase continues throughout the loan period and focuses on risk management. We work with our borrowers to ensure that they are able to make loan payments.