Englewood Cliffs, NJ- (December 20, 2018) – New Jersey based commercial real estate lender, Procida Funding, LLC., announced today it 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 located at 1427 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. They have been commended for their award-winning sales and service departments. 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 the 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, 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 family is the kind of borrower we look for; hard working and genuine. We are happy to assist in the continued recovery after Superstorm Sandy,” said Brian Foley, Head of Originations at Procida Funding & Advisors.
“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 Thomas, Jr. and Robert Tweer.