Palisades Financial inks $220m in 2003 deals.During 2003, Palisades Palisades, cliffs along the west bank of the Hudson River, NE N.J. and SE N.Y., extending from N of Jersey City, N.J., to the vicinity of Piermont, N.Y., with a general altitude of from 350 ft to 550 ft (107–168 m). Financial, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control closed $220 million in debt, subordinate debt See Junior debt. , non-performing loan A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. purchases and equity transactions through its Palisades Regional Investment Fund, LLC (PRIF PRIF Peace Research Institute Frankfurt (Germany) ), announced William P.. (Billy) Procida, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founding partner of Palisades Financial. "This was a year of tremendous growth and success for both Palisades and the PRIF Fund," said Mr. Procida. "We enhanced an already strong track record by identifying and funding many dynamic investment and loan opportunities. Palisades and its partners collectively closed more than $300 million in transactions within the last 15 months on behalf of the PRIF Fund, and acted as correspondent for third-party lenders on another $110 million in transactions. In addition to lending and investing, Procida said that several firms have also retained Palisades as an advisor for services ranging from restructurings to acquisitions to business startups. Palisades is currently working on more than $200 million in transactions in its pipeline of potential loan originations, debt purchases and equity transactions for first and second quarter closings. The Palisades Regional Investment Fund makes risk-adjusted bridge and mezzanine loans, equity investments, and acquires underperforming mortgages and other real estate-related instruments. Palisades provided bridge equity to New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. firefighter James Kennelly, an upstart developer, for two Manhattan projects: the $50 million Sycamore condominium on East 30th Street and a seven-story property at 21-23 South William Street. The company also provided equity lines of credit to such national firms as the Swig-Burris Equity Group. The investment firm has worked with such firms as Red Devil, Inc., a New Jersey-based construction products manufacturer, to monetize their real estate holdings and provide short-term capital. Palisades also engages in transactions with Wall Street and the commercial banking industry to purchase sub-performing loans and B-Notes. The firm's 2003 transactional highlights include purchase of a $13.5 million sub-performing note secured by an office building and a shopping center in New Jersey, $11.4 million in sub-performing loans secured by four properties, including a premier Long Island golf course complex, and a risk-adjusted B-Note position on a $14.1 million first mortgage on a Boston office building. The company also participated as an equity investor in acquiring a $65 million Manhattan office building and formed a group to acquire and redevelop a vacant office building in Englewood Cliffs, New Jersey Englewood Cliffs is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 5,322. The borough houses the world headquarters of CNBC and the American headquarters of Unilever. . Mr. Procida said that traditional financing sources have been focusing their attention on larger loan opportunities, which has left few alternatives for borrowers seeking financing under $25 million. |
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