Procida Funding announce that its 100 Mile Fund recently closed on a $6,500,000 construction loan on the new 39,000 s/f Hooper Crossing, a mixed-use retail center at 1922 Hopper Avenue from the Mabie Group.
1922 Hooper Avenue (pictured top) will include up to six stores over 27,536 s/f of ground floor retail space and 11,780 s/fof second-floor office space. The site features a 4,140 s/f pad for a freestanding building.
The development allows the Mabie Group to consolidate several of its businesses and affiliated companies in one location.
“With the Mabie family’s stores anchoring the complex, other tenants will enjoy prime locations fueled by existing, successful businesses with strong customer bases,” said Billy Procida, President and CEO for Procida Funding.
“Interest from the region’s exceptional retail sector is already strong, especially for the freestanding pad site.”
DeGeorge Development, LLC of Brick, NJ, has been retained by The Mabie Group to handle all aspects of the construction management of the property. The deal was brokered by Progressive Capital.
“The 100 Mile Fund is set up for exactly this type of loan: a stable community like Toms River provides plenty of upside and as a leading member of its business, the Mabie Family represents an esteemed borrower,” said Procida.
“Recognizing up-and-coming neighborhoods has led to great performance for our Fund, and we are particularly excited to stimulate more momentum in Toms River.”