The owner received the funding from Royal Bank of Pennsylvania through the New Jersey Economic Development Authority's Statewide Loan Pool for Business program. EDA has a 15% participation and is providing a 30% guarantee of the bank's portion of the exposure. The loan carries a term of 10 years at an initial variable interest rate of 3%. The transaction marks the first time Royal Bank of Pennsylvania has worked with the EDA on a combined financing program.
Brian Tersaga, a real estate consultant and principal of All Seasons Marina LLC, contributed $300,000 in equity, while the former owner, who was not named, made a loan of $1.2 million to complete the transaction. Tersaga's group is only the second owner of the marina.
While most of the loan pool financing was actually applied to the marina's purchase, according to Tersaga, the funding is also being used for initial renovations, inventory acquisition and working capital.
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