Billy Procida, president of Procida Funding & Advisors, is seeing substantial value in Philadelphia’s commercial real estate market. The firm has originated a number of loans in the City of Brotherly Love via its 100-Mile Fund, including a $31.5 million loan that will be used to renovate the historic Divine Lorraine Hotel on North Broad Street.

The 10-story hotel, owned by EB Realty, has been vacant since 1999. EB Realty is planning to convert the 1890s-vintage property, at the corner of Broad Street and Fairmount Avenue, into 126 apartment units and about 21,000 square feet of commercial space. A 2006 plan to redevelop the property never came to fruition fruition and the building continues to....

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