Freehold-based nonprofit Novadebt, a nationwide personal finance counseling organization, announced Thursday it's relocating and expanding its headquarters to Manalapan, keeping nearly 200 jobs in New Jersey.
The company hopes to hire additional workers in the future.
Novadebt will receive nearly 100 percent financing on the $6.85 million purchase of the 60,000-square-foot office building, said Jeremy Garlock, the attorney representing Novadebt on behalf of Schenck Price, Smith & King LLP, which arranged all of the financing. The package includes a $5.6 million tax-exempt bond through TD Bank and a $1.25 million loan arranged through the state Economic Development Authority.
The move is slated for September 2014, after a $750,000 renovation is complete, Garlock said.
“We are pleased to be moving into an up-to-date corporate headquarters and adding to the vitality of the area,” Jill Feldman, Novadebt COO and executive vice president of administration, said in a prepared statement. “We appreciate the special efforts of New Jersey to keep us in the state.”
Novadebt currently serves more than 100,000 people in need with free financial education, community outreach and housing and credit counseling services.
Ian Grusd, a broker with GFT Investments, initiated the transaction and represented the company as well as the seller, 200 Route 9 Realty LLC.
“My longstanding relationship with both the buyer and seller created an opportunity to move this transaction quickly,” Grusd said
Financing was arranged by TD Bank’s Martin Melilli, regional vice president, and David Meyer, relationship manager of commercial banking. Tejinder Gill, senior business development officer in finance and development, oversaw the EDA incentive.
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