The Divine Lorraine will soon see the $30M that Eric Blumenfield needs to begin renovations at the beleaguered North Broad Street icon. And no, it's not art studios brought to you by Change.org. It's actually a story of fate, a passion for architecture, and a unique take on investment rarely seen amongst lenders who typically wear blinders around the bottom line. As our city's favorite Lady in Wait, she couldn't have asked for a more fitting salvation.
Billy Procida is an investor from New Jersey who's spent the last two decades turning New York City into what it is today, a city where Harlem is synonymous with Manhattan and not a universal label for any bad neighborhood. But Procida now has his eyes on Philadelphia, not only a city he's come to prefer, but one he sees as New York at half the price. He didn't just see numbers when he saw the Divine Lorraine, he saw a building with which he wants to be personally involved.
Procida Funding & Advisors will be lending Blumenfield's firm the $31.5M it needs to begin development. While Blumenfield will be seeking an additional $5 from the state, no grant is needed to complete the project, meaning this could be a completely privately funded endeavor.