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Procida Funding Finances The Reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights, N.J.
Englewood Cliffs, N.J., Jan. 8, 2019 – New Jersey-based commercial real estate lender, Procida Funding, announced today it provided a $10,000,000 construction loan on behalf of the 100 Mile Fund, which Procida exclusively manages. Cole Schotz P.C. represented Procida on this transaction. The loan made to The Mabie Group will 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 17,500SF 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. What could have been a one-and-done loan turned out to be a lasting relationship. Everyone says to “Go with a Pro,” and that’s why we went with Procida. Now, we are on to our next project with Procida in Seaside Heights on the boardwalk. Stay tuned!” said Dean Mabie of The Mabie Group.
“This is our second project with The Mabie Group, and that’s what we look for. Good, honest borrowers that we can do multiple projects with,” said Brian Foley, Vice President at Procida, “We are very excited for this project as it is not an opportunity you come across very often.”
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Procida Funding provides capital for a wide range of asset classes in the eastern region of the US, with a concentration in the New York metropolitan area. The firm uses both its own capital and that of its strategic partners, which includes private equity funds and institutional lenders. The firm’s experience as a borrower and developer provides them with keen insight into how to be a creative and responsible lender and investor.
Procida Advisors provides due diligence and asset management services to developers, financial institutions and private equity funds with a concentration on development, construction, bankruptcy, restructuring and marketing. The firm’s specific services include Development Management, Construction Supervision, Restructuring, Crisis Management, Investment Banking, and Asset Management & Disposition. For more information, please visit https://www.procida.com/about/
The 100 Mile Fund is an open-ended real estate investment vehicle exclusively managed by Procida Funding, LLC. The Fund provides bridge, construction, mezzanine, and preferred equity financing for value add, distressed, and special opportunistic situations within 100 miles of New York City. The Fund is open to accredited investors pursuant to a Private Placement Memorandum and subject to all rules and regulations of the SEC as well as state and federal laws.
For information on Procida Funding Loan Originations, contact Brian Foley at bfoley@procida.com, for Fund Investor Management, contact Ali Betts, at abetts@procida.com, and for Portfolio and Bad Debt Analysis contact William ‘Billy’ Procida at bprocida@procida.com. For more information about Procida Funding, call 201.871.1177 or visit www.procida.com.
Media Contact:
Emma Ackel/Jennifer Glick
Caryl Communications
201-796-7788
emma@caryl.com/jglick@caryl.com