Michael Arman has joined Procida Funding, manager of the 100 Mile Fund specializing in the $3-$30 million market, as chief financial officer. Arman will oversee all accounting, tax compliance, treasury, reporting, loan servicing and systems for the fund and its manager, and also serve as a conduit between lenders, participants and investment partners. Arman’s career in the real estate and finance industries spans more than 20 years and his relationship with Procida Funding’s founding principal, William “Billy” Procida, is almost as long.
“As is my custom, I rarely hire strangers," said Procida. “When picking a CFO, you definitely don’t hire a stranger. Knowing Mike for 15 years, I know his work ethic, integrity and knowledge are second to none. We are happy to have him.”
As a seasoned real estate and financial professional, Arman saw in Procida, the opportunity to work with a proven, nimble firm and to leverage opportunities in the current market.
“I’ve known Billy for nearly 15 years and I’ve never seen him lose money,” said Arman. “He and his team have a real acumen for real estate and rather than rushing to deploy capital when they have it, they select deals very carefully. That’s what produces results. At the same time, the firm is highly entrepreneurial and incredibly nimble. We can act very quickly on the right deal and even if it’s outside our funding range, we can play the advisory role. As CFO, I intend to nurture that entrepreneurial spirit while adding the structure a rapidly growing company needs.”
Arman also noted the Procida’s 100 Mile Fund is in a unique position to succeed given the current lending environment.
“Institutions and banks are simply not lending in the $3 million to $20 million range to the type of product we are targeting,” Arman noted. “The regulatory environment, essentially, prevents it. That creates a market need that we are fulfilling.”
Prior to joining Procida, Arman served as CFO for a fund manager with more than $3.5 billion in assets under management. Prior to that, Arman was a vice president at Credit Suisse First Boston (CSFB) and a member of its Portfolio Bids Group where he was responsible for financial reporting, integrating information with internal support departments, maintaining third-party vendor relationships with servicers, accountants, and insurers and performing asset management duties.
Before joining CSFB in 1998, Arman was a portfolio financial manager for the J. E. Robert Companies, where he supervised accounting, servicing and financial reporting for institutions. He began his career in the Audit Group of Deloitte and Touche.
