Delays in the economic recovery of the area after Super Storm Sandy caused the company to fall behind on its first mortgage.
By Steve Lubetkin | December 26, 2018 at 04:00 AM
TOMS RIVER, NJ—New Jersey-based commercial real estate lender Procida Funding is helping to keep a Toms River marina afloat, with a $1.75 million debt consolidation loan, on behalf of The 100 Mile Fund, which Procida exclusively manages.
The loan will refinance the existing debt on Hobby Lobby Marine, 1423 Bay Avenue and 40 Wilkens Road in Toms River, NJ.
Hobby Lobby Marine is a family owned & operated boat repair facility and marina owned by the Tweer family since 1961. Located in a quiet, secluded basin, the 2.85-acre property includes a two-story building, workshop, floating boat garage, 83 boat slips, storage and paint sheds, boat mechanic garage for service and maintenance, and an uncovered surface lot utilized for winter storage. The main two-story building contains a boat showroom and ship store, offices, storage space, and men’s and women’s bathrooms with showers.
In 2012, Superstorm Sandy ravaged the Jersey Shore and Hobby Lobby Marine suffered devastating damage, forcing the company to shut down operations for an extended period of time. With relief assistance from the NJ Economic Development Authority, Thomas Tweer Jr. and Robert Tweer deployed nearly $2 million to rebuild their marina and begin operations again, but delays in the economic recovery of the area caused the company to fall behind on its first mortgage.
“The Tweer family is the kind of borrower we look for; hard working and genuine,” says Brian Foley, head of originations at Procida Funding & Advisors. “We are happy to assist in the continued recovery after Superstorm Sandy.”
“We had a great experience. Everything was handled in a very professional way and with absolutely no time wasted,” says Robert Tweer. “We would highly recommend Procida Funding.”