Englewood Cliffs-based Procida Funding announced a recent payoff of a $7,000,000 construction loan provided to The Mabie Group in December 2017 to develop The Shoppes at Hooper, a shopping center in Toms River. Thanks to the strong tenant interest and on-time completed construction, The Mabie Group was able to obtain very favorable long-term financing.
Located at 1922 Hooper Ave., the completed shopping center is now over 70 percent leased.
The two-story mixed-use building is comprised of 60,000 square feet with ground-floor retail and executive suites on the second floor. Additionally, there are two shovel-ready pad sites available in front and rear of the lot.
“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.