Englewood Cliffs real estate lender Procida Funding announced on June 2 that it provided a $5,150,000 debt consolidation bridge loan to 45/55 Ridge Road Realty LLC and Melray’s New Building LLC (dba Melray’s Furniture), which will bridge the company for a conventional takeout. Cole Schotz PC acted as the lender’s counsel on the closing.
Located at 45 Ridge Road in North Arlington, Melray’s Furniture is a family-run business that has been in operation for more than 80 years. Michael “Buddy” Filippone, the son of the company’s founder, and Buddy’s daughter, Amy Filippone Cabrera, currently own and run the day-to-day operations of the store.
South Bergen County’s largest furniture store, Melray’s serves customers throughout the tri-state area, carrying name-brand furniture and bedding at discounted prices. Throughout the early 2000s, Melray’s maintained annual growth in sales revenue, capturing record-breaking figures year after year.
Like many businesses, Melray’s took a hit during the COVID-19 pandemic; however, its continued hard work has led to positive growth, making the company a prime candidate for an SBA takeout this fall.
“We are very excited to be working with the Merlay’s team,” said Brian Foley, vice president of Procida Funding. “They are exactly what we look for in a borrower, hardworking and honest.”
“I am very thankful to Billy and the team at Procida for giving me this bridge loan and making our path forward much brighter,” noted Buddy Filippone.