Fairway America Fund VII selects Procida's 100 Mile Fund for investment

ENGLEWOOD CLIFFS, NJ Fairway America, a Portland, Oregon-based small balance real estate fund advisory and investment firm, has selected Procida Funding's100 Mile Fund as its first investment vehicle and fund manager in the New York metropolitan area. The 20-year-old Fairway America recently launched Fairway America Fund VII LP, which seeks to invest in best-in-breed local fund managers, according to Fairway CEO, Matt Burk. "We conduct an extensive vetting process for our funds and select what we believe are some of the best firms in the best markets," said Burk. "After carefully reviewing the 100 Mile Fund's offering, we've chosen to invest with Procida because they are what I believe all fund managers should be; very local, very transparent and the principals have considerable skin in the game. Based on our research and experience, I believe Procida's 20-year track record and extensive development experience combine to create a tremendous opportunity." Fairway will also handle Procida' s fund administration moving forward, creating additional efficiencies and growth opportunities, according to Procida Funding's president William "Billy" Procida. "In Fairway, we encountered an incredibly professional team and we are extremely pleased to be selected for their Fund VII," said Mr. Procida. "Vetting processes and completions are arduous but not always worth the time. In this case, however, we liked what we saw from Fairway so much that we switched our fund administration services over to them. Our relationship created not only a sizable investment in the 100 Mile Fund, but additional back office and administrative support that will let us do what we do best: put money out and earn returns for our investors." Procida's 100 Mile Fund is a middle-market real estate investment vehicle focused on development and bridge loans in the $3 - $30 million range within 100 miles of Procida's headquarters in Englewood Cliffs, NJ. The fund has averaged returns over 13% since being established in 2011 and anticipates a dividend of over 15% this year. The fund's typical borrower refinances with conventional long-term debt an average of 14 months after originating a loan with Procida, creating exceptional velocity that rewards the fund's investors. Procida Funding and Advisors, the 100 Mile Fund's exclusive fund manager, was established in 1995 by Billy Procida following a 15-year career as a nationally ranked general contractor and homebuilder and winner of the prestigious New York City developer of the year award. The 100 Mile Fund is Procida's third fund. The firm has provided over $3 billion dollars of bridge, mezzanine and construction loans since its founding. "What make us different than our peers is we think like developers and act like contractors," said Procida. Fairway America Fund VII leverages Fairway's extensive experience and track record in having operated multiple funds of its own as well as consulted with, advised on and/or administered dozens of others on behalf of its clients around the United States. The Fund invests with a variety of fund managers pursuing a variety of real estate investment strategies in a variety of target markets.