New Jersey based commercial real estate lender, Procida Funding, announced today it provided a $10,000,000 Construction Loan, on behalf of the 100 Mile Fund, which Procida exclusively manages.
Englewood Cliffs, NJ- (December 11, 2019) – New Jersey based commercial real estate lender, Procida Funding, announced today it provided a $10,000,000 Construction Loan, on behalf of the 100 Mile Fund, which Procida exclusively manages. The loan made to The Mabie Group will finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights, NJ, which was previously destroyed by Super Storm Sandy and a fire shortly thereafter.
The Mabie Group is committed to working with the Borough of Seaside Heights to revitalize the pier. The Belle-Freeman Amusement Pier dates back to the early 1920s. Prior to Sandy, the site was home to a number of structures, including small eateries, arcades, amusement games and rides. The new development will transform the currently vacant location into the boardwalk’s premier entertainment location. The project’s plans currently feature a 17,500SF multi-tier bar & restaurant, a pool club, and a proposed concert venue on the southern portion of the site. The project also includes five to six kiosk buildings which The Mabie Group has already completed and is currently leasing. Approvals also allow for full restaurant and bar service on the beach adjacent to the development.
“We came into Procida Funding’s office in 2017 looking for construction financing and found a one-stop shop for everything from financing to construction advisory, to marketing, and even event planning. What could have been a one-and-done loan turned out to be a lasting relationship. Everyone says to “Go with a Pro,” and that’s why we went with Procida. Now, we are on to our next project with Procida in Seaside Heights on the boardwalk. Stay tuned!” said Dean Mabie of The Mabie Group.
“This is our second project with The Mabie Group, and that’s what we look for. Good, honest borrowers that we can do multiple projects with,” said Brian Foley, Vice President at Procida, “We are very excited for this project as it is not an opportunity you come across very often.”