On October 29, 2012, Superstorm Sandy ravaged the Jersey Shore. Storm surges were massive. 15-foot waves and rapid 115 mph winds ripped through a 600-mile stretch of the coast, leaving 8 million without power, destroying over 600,000 homes and sweeping beloved businesses and infrastructure away completely. It was the fourth-worst storm in US history totaling over $70.2 billion in economic damage (adjusted for inflation). Now over 6 years later, many business owners and residents are still feeling the lingering impacts of the storm, including Thomas, Jr. and Robert Tweer of Hobby Lobby Marine.
In 1961, Thomas Tweer, Sr. turned Hobby Lobby Marine, a beautiful marina located in a secluded, quiet basin in Toms River, into Jersey Shore’s most complete hobby shop. He had a dream to own and operate his own business. Through the years, Tweer ceased new opportunities to grow, building his dream off the belief that when you strive to improve customer service, sales will come.
Over 55 years later, Hobby Lobby Marine grew to become a full-service, one-stop shopping new boat dealer and marina commended for their award-winning service and sales department. The 2.85-acre property that holds 83 boat slips, a two-story building, floating boat garage and storage centers was a thriving success. But then, Hurricane Sandy hit causing devasting damage.
After the storm, the company was forced to shut down operations completely. With relief assistance from the NJ Economic Development Authority, Thomas, Jr. and Robert Tweer deployed nearly $2 million to rebuild their marina and begin operations again, however delays in the economic recovery of the area caused the company to fall behind on its first mortgage.
The Tweer’s were facing foreclosure. But that’s when Procida Funding stepped in.
Right before the holidays, Procida Funding provided a $1,750,000 debt consolidation loan, on behalf of The 100 Mile Fund, which Procida exclusively manages, to refinance the existing debt on Hobby Lobby Marine.
“We’re happy, it’s a great Christmas present. Procida Funding was really exceptional to work with. We had a great experience, everything was handled in a very professional way and with absolutely no time wasted. We would highly recommend Procida Funding,” said the Tweer Family.
With this loan, the Tweer’s will be able to provide funds in the effort to experience pricing and inventory at pre-Sandy numbers and continue their award-winning level services.
It’s a holiday story of success and survival. Hurricane Sandy might have reshaped the lives of many, but here at Procida Funding & Advisors, we are happy to do our part, give back to the community and assist in the continued recovery of this storm.
Peace, Love, and Happy Holidays to all!