A pier in Seaside Heights that was wiped out by Superstorm Sandy and a subsequent fire is getting a face lift.
Procida Funding, a commercial real estate lender based in Englewood Cliffs, said on Wednesday it provided a $10 million construction loan to The Mabie Group to finance the revitalization and reconstruction of the Belle-Freeman Amusement Pier.
Prior to Sandy, the site was home to a number of structures, including small eateries, arcades, amusement games and rides.
Dean Mabie of The Mabie Group said, “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!”
The new development is anticipated to transform the vacant space into a premier entertainment destination. Plans currently include the creation of a 17,500-square-foot multitier bar and restaurant, a pool club and a concert venue. About six kiosk buildings are currently complete on site and being leased by The Mabie Group. Approvals also allow for full restaurant and bar service on the beach adjacent to the development.
“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,” Brian Foley, vice president at Procida, said. “We are very excited for this project as it is not an opportunity you come across very often.”