100 Mile Fund closes $6.5 million construction loan
TOMS RIVER, NJ — Procida Funding’s 100 Mile Fund recently closed on a $6.5 million construction loan on the new 39,000 s/f Hooper Crossing, a mixed-use retail center at 1922 Hopper Ave. from the Mabie Group. 1922 Hooper Avenue will include up to six stores over 27,536 s/f of ground floor retail space and 11,780 s/f of second-floor office space on the second floor. The site features a 4,140 s/f pad for a freestanding building. The development allows the Mabie Group to consolidate in one location several of its businesses and affiliated companies. “With the Mabie family’s stores anchoring the complex, other tenants will enjoy prime locations fueled by existing, successful businesses with strong customer bases,” said William ‘Billy’ Procida, president and CEO for Procida Funding. “Interest from the region’s exceptional retail sector is already strong, especially for the freestanding pad site.” DeGeorge Development, LLC of Brick has been retained by The Mabie Group to handle all aspects of the construction management of the subject property. The deal was brokered by Progressive Capital.