New Jersey-based commercial real estate lender, Procida Funding, provided a $10 million construction loan to developers helping revitalize a Jersey Shore community.
On behalf of the 100 Mile Fund, which Procida exclusively manages, Procida funded the loan to The Mabie Group to finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights, NJ, which was previously destroyed by Superstorm 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 destination.
The project’s plans currently feature a 17,500 s/f 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,” said Dean Mabie of The Mabie Group. “What could have been a one-and-done loan turned out to be a lasting relationship. Now, we are on to our next project with Procida in Seaside Heights on the boardwalk. Stay tuned.”