PM Environmental is playing a part in local revitalization championed by Procida Funding and Advisors by providing environmental oversight on a $12.8 million bridge loan.
The loan, part of the “100 Mile Fund”, is being used to revitalize a 27-acre industrial complex located in Harrison, New Jersey. Procida’s 100 Mile Fund targets office, retail, multifamily, industrial, and specialty properties within the $500,000 to $25 million market. The fund name alludes to its local focus on investments targeting properties within 100 miles of the Procida Headquarters in Englewood Cliffs, New Jersey.
Increased attention was given to environmental considerations due to the long-term industrial use of the property and PM is serving as the final voice on environmental issues via peer review, and will continue to be the point of contact for all continued and ongoing environmental work.
“We’re honored to be a part of the responsibility of such a sizable investment,” said LaNeicia Meyer, senior project consultant at PM. “It’s enjoyable to assist in helping restore an area of New Jersey that has classically and notoriously been given a stigma as being contaminated.”
Furthermore, PM will work with the existing environmental consultant to review their findings for accuracy as well as work closely with the New Jersey Department of Environmental Protection (NJDEP).
The loan will be used by a local company that has been in business since the 1960s and grown to provide nationwide trucking, crane, rigging and warehouse services.
“I really enjoyed the challenge of being able to be part of dissecting the property’s history,” said Meyer. “I am also glad that we were able to work with multiple new investors and address all their concerns and find workable and creative solutions so the deal could go through.”