Art Factory owners secure $12.5M loan from Silver Arch, Procida

Jessica Perry//October 25, 2018//

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Silver Arch Capital Partners and Procida Funding & Advisors LLC have announced the closing of a $12.5 million loan to the owners of a 170-year-old former factory complex in Paterson.

Great Falls Industrial Park Inc. will use the loan proceeds to pay off debt and make capital upgrades on the 4.781-acre Art Factory Studios in Paterson’s Great Falls historic district, according to a release.

“We came through for the borrower … and we are happy to help finance this key component of the ongoing cultural and economic revival of Paterson,” said William “Billy” Procida, president and CEO of Englewood Cliffs-based Procida, in a prepared statement.

“The borrowers came to us after other lenders promised a closing that never happened,” added Jeffrey Wolfer, president and CEO of Silver Arch Capital Partners of Hackensack, also in a prepared statement.

Art Factory Studios was originally built in 1844 with additions constructed in 1916.