Procida Funding LLC has retained a placement agent to offer the 100 Mile Fund to the general public. Since 2011, the fund has served as an open-ended investment vehicle and provided over half a billion dollars in loans to restore vacant buildings, rebuild neighborhoods and revitalize underserved communities within a 100-mile radius of New York City.
Procida Funding has selected protoCapital (the capital raising division of AK Capital LLC, a FINRA registered Broker-Dealer) to serve as the placement agent for the 100 Mile Fund.
William “Billy” Procida, president of Procida Funding LLC, has been involved in a wide variety of projects ranging from invigorating stalled apartment building developments to rebuilding hundreds of townhouses to the redevelopment of landmark hotels. Nyack College, which is for sale, took out a $38.5 million loan against its South Nyack campus from 100 Mile Fund LLC, owned by Procida Funding & Advisors, a non-bank lender.
Procida also owns Tallman Pool in Palisades.
“Although Billy Procida has never let an “outsider” market his fund before, he felt our team was well-equipped to embrace and communicate his message,” says Andrew Kowalczyk of protoCapital, the private finance division he co-founded with Thomas Bumbolow. “We are looking forward to working with Mr. Procida’s team and facilitating a positive impact in strategically selected communities.”
As a division of AK Capital LLC, a FINRA registered broker-dealer, protoCapital is engaged to raise up to an additional $100 million for the fund.
“My base investment philosophy is simple,” said Procida. “You can’t go wrong doing what needs to be done for communities. I am truly delighted to be working with Andy; it’s a unique relationship and we both have our names on our companies’ door.”