By Joshua Burd
Procida Funding & Advisors LLC has closed on $1.75 million in financing for the owner of a boat repair facility and marina in Toms River.
The commercial real estate lender on Thursday announced the loan for the Hobby Lobby Marine at 1427 Bay Ave. and 40 Wilkens Road. Provided through The 100 Mile Fund, which Procida manages, the loan will be used to refinance existing debt, much of it tied to repairs made in the wake of Hurricane Sandy.
Hobby Lobby Marine is a family-owned and -operated boat repair facility and marina owned by the Tweer family since 1961, Procida said in a news release. Located in a quiet, secluded basin, the 2.85-acre property includes a two-story building with a boat showroom and a shop store, along with a workshop, floating boat garage, 83 boat slips and other service and storage facilities.
“The Tweer family is the kind of borrower we look for: hard working and genuine,” said Brian Foley, head of originations at Procida. “We are happy to assist in the continued recovery after Superstorm Sandy.”
The family was forced to shut down operations in 2012 due to damage from the superstorm, but began to rebuild with assistance from the state Economic Development Authority, the news release said. The owners deployed nearly $2 million to rebuild their marina and begin operations again, but faced setbacks from delays in the area’s economic recovery.
In a joint statement, Thomas Tweer Jr. and Robert Tweer praised the work of the Englewood-based lender.
“We had a great experience,” they said. “Everything was handled in a very professional way and with absolutely no time wasted.”