Real Estate Weekly says Nyack College has received a $38.5 million debt consolidation and working capital loan to help its transition to Lower Manhattan next Fall. “This is some of the best real estate the Hudson Valley has to offer,” said Billy Procida, CEO of Procida Funding.
The college plans to sell its 41 buildings on 107 acres of land in South Nyack, Blauvelt and Central Nyack.
Procida’s “The 100 Mile Fund” is funding this transition. Real Estate Weekly says “The 100 Mile Fund looks to be repaid from the proceeds associated with a sale.”
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. The fund targets office, retail, multifamily, industrial, and specialty properties within the $500,000 to $25 million market. Source: Procida.com
On Sept 21, NJBiz.com reported that Procida’s $38.5mm loan to Nyack College put its 100 Mile Fund over $500 million in loan originations.
Last week Nyack College announced plans to close its South Nyack undergraduate and Upper Nyack graduate campuses at the end of this school year. They plan to consolidate all of their programs at their downtown New York City campus located at 2 Washington Street.
- Nyack College Will Leave Rockland Next Fall, 11/8/2018
- Nyack College to Consolidate, Real Estate Weekly 11/14/2018
- The 100 Mile Fund, Procida.com
- Procida’s 100 Mile Fund tops $500M, NJBIZ.com 9/21/2018
As Others See Us is an occasional feature that publishes what media outside of Nyack say about the people and places in the Lower Hudson Valley.