William Procida Incorporated (WPI).

William Procida Incorporated (WPI) has arranged mortgage financing for three transactions in the aggregate amount of $7.15 million for the following properties: $2.4 million in permanent financing for Rodeo Plaza, a 60,000 square-foot three-story enclosed mini-mall located on Broad Avenue in Palisades Park, NJ, providing over $1.4 million in excess funds for expansion and tenant fit-out the third floor office space access cash would be used for future real estate investments); $3A million in permanent financing with a New Jersey savings bank for 35 Plaza, a 33,400 square-foot strip center located on Route 4 West in Paramus, NJ anchored by Jose Tejas, a national restaurant chain, unique in that the lender approved the loan in five business days and was ready to close within 25 days. The loan term is 10 years based on a 20-year amortization schedule, with an 8.375 percent interest rate for the first five-years and adjusted the beginning of year six for the remainder of the term. The third financing is a $1.35 million construction loan from a New Jersey savings bank with a local developer for the development of a five-unit, three-story luxury condominium project in Cliffside Park, NJ. The land was purchased unapproved by the developer. After securing the necessary approvals, WPI secured the loan. The loan funds were disbursed towards partial reimbursement of acquisition costs and 100 percent of the construction of the improvements. Due to low loan-to-value and strong marketability of the product, the lender did not require any presale requirement during construction. The loan was for one-year with one six-month extension.

These transactions were handled by Billy Procida, the company's founder, and Mark Zurlini, managing director of Finance. WPI has completed in excess of $200 million of real estate transactions thus far in 1999.