One of the island’s largest marinas, which also includes a gas dock, ship store, service facility and restaurant, will receive an infusion of investment dollars prior to a sale, according to officials with Columbia Pacific Advisors Bridge Lending.
The company will be lending funds to Ocean Beach Marina on Route 35 in Toms River’s Ocean Beach section. The company is also funding improvements at the owner’s two other marinas, located in Lacey Township and Sea Isle City.
The loan will be used to refinance existing debt, support ongoing operations, and provide capital improvements on the properties in advance of their planned sale, a statement from the company said.
“A focus on low-contact outdoor activities during COVID-19 has contributed to a 12-year high in U.S. boat sales, and these properties are well positioned to capitalize on the trend,” said Will Nelson, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors.
Ocean Beach Marina includes two adjacent buildings that house an administration office, shop, boat ramp, and restaurant, with 221 wet slips available for rent and 10 service slips.